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By Jeremy Schiffres, Daily and Sunday Freeman, Kingston, N.Y.

Friday, June 6, 2008

Oil vey!

The price of crude oil is up more than $6 a barrel today, to around $133, and news reports say the sole reason is an analyst at Morgan Stanley this morning predicted the price could reach $150 by July 4.

Seriously? The price of America's most precious commodity skyrockets simply because someone says it should? Talk about a self-fulfilling prophecy! (Not to mention one guy having way too much influence.)

The price of oil (and, by extension, gasoline) used to move in the same direction as the economy. If the economy was in a downward trend, as it is now, prices of oil and gas fell because demand was falling as people curbed their spending. Now, oil and gas prices spike by ridiculous amounts for no sensible reason and we're left to pick up the tab - in a weak economic climate that already has many consumers stretched to the limit.

Enjoy the $4 gas while you can, folks, because if the Morgan Stanley guy (who probably has significant investments in Big Oil) says we'll be paying $5 or $10 a gallon by year's end, then that's exactly what will happen.



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