Higher Oil Prices on the Horizon
There have been incredible amounts of speculation surrounding peak oil prices. And just recently, the speculators themselves have been blamed for the high prices of a tank of gas. Well, lets get down to business and see what is really going on. Christina Rexrode does a great job of explaining the connections between the economy and oil prices, and it makes a lot of sense.
"…The economists said they expect GDP to grow at 2.8 percent in 2011 – a decrease from the 3.3 percent prediction they made when surveyed in late January and early February. They also lowered predictions for consumer spending growth this year (2.8 percent, down from 3.2 percent), and housing starts (610,000, down from 660,000). They also expect housing prices to fall 1.5 percent, after saying earlier that they would rise 0.4 percent."
Read the entire article here: http://turnkeyoil.com/2011/05/19/higher-oil-prices-on-the-horizon/