Forget all those people who used to say, “Oh, but adjusted for inflation, the price of a barrel of crude is still lower than what it was when it hit its high peak in the 80s.”
Today the price of a barrel of crude oil closed at $105.47. This is the first time the price has ever closed above $105, and this price is used by many as an inflation-adjusted total.
Why the continued increases?
The continued devaluation of the dollar.
The euro rose to yet another record high against the dollar.
This news comes on the heels of a raft of bad news today concerning home builders, mortgages, and those people who fund mortgages. Like banks and investment firms.
As we like to say in this industry, fasten your seat belts. We have only seen the tip of the credit collapse iceberg.
Technorati Tags: oil prices