All Posts Tagged With: "price of crude oil"

There are only two real reasons the price of crude oil has gone up. The first is that more people are using the stuff. And the new users are not the same as the old users. The old users – in the U.S.A. and Europe – are much more sensitive to price pressure than the new users. Incomes in America have been more or less stagnant for 30 years. When the price of gasoline goes up, people have to take money out of other household budgets in order to make it up – or, drive less. Currently, they’re doing both.

June 17th, 2008 | Bill Bonner | 3 comments | Continued