Tim Paradis, and AP writer made this report:
Crude oil has seen a huge rebound this week after falling amid a drop in demand for gasoline. The jump continued Friday; light, sweet crude set a high of $139.12 in after-hours trading on the New York Mercantile Exchange after settling at $138.54, a gain of $10.75 in the regular session. The surge followed a Morgan Stanley shipping analyst’s prediction that would reach $150 a barrel by July 4; a decline in the dollar and fresh tensions in the Middle East added to crude’s advance.
The soaring price of oil has intensified the market’s worries that ever-expensive fuel will lead consumers to curtail their spending on nonessentials. And because more than two-thirds of U.S. economic activity comes from consumer spending, oil is being seen as a threat to an already sluggish economy.
The spike in energy prices came as the Labor Department said the nation’s unemployment rate jumped to 5.5 percent in May from 5.0 percent in April. It was the biggest monthly increase since February 1986 and the rise leaves unemployment at it highest level since October 2004. Wall Street had predicted an uptick to 5.1 percent.
The number of U.S. jobs shrank by a smaller-than-expected 49,000, but that development offered Wall Street little solace given that May marked the fifth straight month of jobs losses. Signs that the U.S. job market is deteriorating more than anticipated could thwart investors’ hopes that the economy is poised for recovery later this year. That notion has helped propel the stock market from its mid-March lows.
Lee ADDS: Undoubtedly the Democrat led Congress willlay the blame on President Bush as they continue on their ‘merry way’ in their effort to destroy America’s economy! How so? Let me explain:
If you take away a major commodity (oil-gasoline) from America you have restricted more than one thing. You have created higher prices for shipping/trucking, food stuffs, factory output thereby resulting in less needs for a work force), airline travel, intra-state commerce, energy production, and rising costs on everything!
Tie this to the Clinton era causation for forclosures and rampant skulldudgery praticed by companies as they pay outrageous salaries to their execs for NON-production and you have resultant tragedy!
If you want to thank anyone for this mess America finds itself in you can beging by thanking the following:
Harry ‘Hands Up’ Reid, Nancy Pelosi, Chuck Shurmer, Barbara Boxer, Hillary Clinton, Barak Obama, John Murtha, Ted Kennedy, Robert Byrd, Richard Durbin, Dennis Kushsinich, Joe Biden, Pat OLeary, John Kerry, and that just names a few!
If you want to correct this situation and are really serious about it, you will NOT VOTE for any of the foregoing named politicians and will actively speak out against them! The most sick thing you may not be aware of is the fact that each of these Politicians is funding their campaigns. that keep them in office, with YOUR MONEY!
