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Big Oil Causing Recession? | Oil Watchdog

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Big Oil Causing Recession?

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Thu, Jan 24, 2008 at 11:58 am

    Big Oil Causing Recession?

    1-24-08 by simpson

    As econmic storm clouds gather and politicos in Washington scramble to prevent a  recession, much attention has been focused on the housing market and bad loans. Our oil industry expert, "Insider" sees another culprit that he predicts will put the U.S. in a deep hole the likes of which  haven’t been seen since the Great Depression: Soaring prices at the gas pump.

    Here’s Insider’s report:

    "Notice how all the economists are pointing out that the emerging recession could be severe as all depends on consumer confidence which is basically a reflection of consumers’ willingness to spend money shopping, going out to dinner, etc.

    "Here’s the latest survey by Nielsen Company  cited by the Center for Media Research that says 49% of Americans are cutting back on all these things due to the high price of gasoline.

    "Price at the pump is the big push that is about to send America  down into a deep hole the likes of which haven’t been seen since the Great Depression.  Most in the industry whom watch these type economic factors have always known that $3 at the pump would derail our economy.

    "Such was the case following the gas lines of the Arab Oil Embargo, the wreck of the Valdez, and Desert Storm when consumers cut back on discretionary spending to pay for the increase at the pump.  This time, it took longer to see the effect as consumers laid it onto credit cards, refinanced homes to pay off the credit cards, and then maxed the plastic out again. 

    "Hundreds of thousands of American’s haven’t paid for the $3 gas they bought two years ago and now, its drawing a 20 plus percent plastic interest rate.  Get ready, we all are going to pay again for the $3 at the pump.

    "This time the price is a major recession."

     

     

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