Consumer prices rose sharply last month and oil prices hit a record above $100 a barrel yesterday, fueling inflationary pressures that could complicate efforts to steer the US economy away from recession.
Despite a weakening economy that many analysts, including Federal Reserve chairman Ben S. Benanke, say should put a damper on inflation, prices have kept rising at a worrisome pace. Over the past three months, inflation has surged at an annual rate of nearly 7 percent, more than double the pace in the previous three months, the Labor Department said yesterday.
Fueling the surge are energy costs, which have soared at a 44 percent annual rate since November, according to the Labor Department....
And Exxon-Mobil made $40 BILLION in PROFITS last year!
That anger can burn as heat, 'murkn!
High energy costs could also blunt the impact of the federal stimulus bill, which will send rebate checks of $300 to $1,200, in some cases more, to individuals, couples, and families. If oil prices stay at $100 a barrel, gasoline prices could rise to $4 a gallon, sucking about $100 billion from the US economy - about the same amount as the stimulus would put into consumers' hands...."
Oh, so that "stimulus" gonna amount to SQUAT!!!!!!!
Just gonna be WEALTH TRANSFERED to the OIL COMPANIES -- AGAIN!!!!!!!!!!
How's that shit on your head feel, 'murkn?
But we got no health care, no education, no infrastructure, etc, etc...
