08-22-09 by dugan
If a few slightly cheerful sentences from Fed Chairman Ben Bernanke can spike the price of oil to a record for the year, the economy is in serious trouble. There’s no real-world reason for a barrel of oil to cost $75, and every buck of increase in oil means renewed pain for consumers at the pump and businesses trying to plan and pay their expenses. Time for Congress and the Commodities Future Trading Commission to make good on all those firm promises to curb speculation in energy markets. Otherwise, it’s starting to feel like that painful ride up price roller-coaster before the next crash and burn–taking the hope of economic recovery along with it.