03.03.2008
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 | Super Moderator | | Join Date: Sep 2007 Location: Michigan
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| Oil hits record high, hurting nearly all
Oil hits record high, hurting nearly all 3/3/08 Quote: WASHINGTON - The price of oil gushed to a record high Monday, spreading dangerously to factories, groceries, gas stations and every citizen's pocketbook.
Builders are building less, the government reported. Manufacturers are cutting back, another report said. General Motors Corp. and Ford Motor Co. said they would cut second-quarter production.
The galloping energy prices are doubly painful as the nation teeters on the edge of recession: High energy costs push companies to charge shoppers higher prices, then those consumers and businesses cut back in turn, dumping more cold water on the economy.
"It's like throwing sands in the wheels of the economy," said Brian Bethune, economist at Global Insight. "Things slow down. There is more friction and there is more complaining."
http://news.yahoo.com/s/ap/20080303/...HXqt14rZys0NUE | |
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