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US DOLLAR HITS BASEMENT, GASOLINE PRICES HITS ALL-TIME HIGH |
| (03/13/2008) |
| Oil prices topped $109 a barrel for the first time today as investors are trying to stay away from the devalued American dollar. Some energy experts believe gasoline prices will reach at least $4 a gallon, a level already reached for users of diesel fuel. Calhoun's diesel fuel prices Wednesday range from $3.94 to $4.20 a gallon. Calhoun's low test gas prices Wednesday range from $3.42 to $3.50 a gallon. The price of gassing a recreational vehicle may induce some to look for campgrounds closer to home this summer. At $3.50 a gallon, a 100-gallon Winnebago Destination RV will cost $350 for a fill-up. Energy prices are driving food and hardware prices up, creating a cash crunch for most families. Investors believe the falling dollar has driven oil up from $87 a barrel in January to $109. Crude prices will likely be underpinned by brisk demand in China and other emerging markets. The dollar fell to a new low against the euro Wednesday, attracting new buyers to the oil market. ExxonMobil will be raking in the profit this quarter as they are one of the worlds largest crude producers outside OPEC. ExxonMobil has been recording the highest profits of any world corporation. As the rising cost of crude oil trickles down to the gasoline pump, fuel prices are siphoning cash away from other consumer spending, making it harder to revive the sinking U.S. economy. It has also siphoned more money out of the country. The Commerce Department reported today that the U.S. trade deficit jumped in January to $58.2 billion, compared to $57.9 billion in December. The US trade deficit, if it would be used as an indicator of a sinking economic stability, is continuing to skyrocket. America is not producing, just buying.
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