How is the US economy and rising gas prices affecting the overall global markets-world stocks?
There’s nothing more important in today’s current events than the economy. It is our way of life and it directly affects our culture. If people can’t make enough money to pay for gas and then go buy a CD, then the music industry suffers. It is like this is every major industy today. The surge in gas prices is the direct result of a barrel of oil costing over $130 now. The economy suffering is a direct result of this barrel of oil as well. Everything seems to revolve around the barrel of oil. The solution comes in many forms. Open refineries or at least make oil speculators think America is going to open refineries in the near future. THis will drive the cost of oil down as it will appear there will be more of an abundance of it. The next solution is to find an alternative source of energy. That alternative source could come in the form of electricity, nuclear energy, natural gases, or hydrogen power. This solution is the one for the long-term whereas the previous is the one for the now
Crude prices settled above $71 a barrel Tuesday as a falling dollar pushed investors to seek out commodities such as oil and gold. Benchmark crude for October delivery gained $3.08 to settle at $71.10 a barrel on the New York Mercantile Exchange. The contract had settled at $68.02 on Friday after rising 6 cents. The dollar fell to a low for the year Tuesday against the euro and several other currencies as gold prices surpassed $1,000 an ounce for the first time since February. Sources: http://www.msnbc.msn.
