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The Psychology of $140 Barrel Oil
It's well documented - with every passing day, oil prices seem to be setting a new record.  With the triple combo of an ever weakening dollar, insatiable demand in emerging markets, and the "speculation factor" from hedge funds and the like, many project there is no end in site to the price escalation.  While a recent conversation I had with an executive in a major domestic oil company revealed that the "industry insider" opinion is oil should be priced somewhere in the $70 a barrel range right now, I have a feeling that we are still far from seeing the top of this "super spike".
The short term psychological factor for the everyday consumer is undeniable.  Has anyone noticed there are less folks on the roads these days?  During mid-day this past Sunday on Alpharetta Highway (a main drag in town), traffic was so sparse, it almost seemed like Christmas Day.   An article I came across this week noted that 90% of Americans indicate that $4 a gallon gas causes serious financial hardship.  Not especially surprising given that wage growth is essentially flat, the net savings rate is less than zero and consumer debt is harder to come by in this environment than any in recent memory.  ... more

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