As many middle class tax payers head off to work and take another non employer pay cut due to the increased price of gasoline in their commute. Some of the more intellectually curious among them may be asking the question why have prices risen so fast? There may be an answer in today's Washington Post. Here are the money quotes:
"In the past 10 weeks, the price of crude oil has shot up $25 a barrel, closing at $95.93 in New York on Friday, near an all-time inflation-adjusted peak. Unlike earlier spikes in oil prices, which came on the heels of war in the Middle East, this latest ascent does not appear to be linked to any one conflict or to any physical shortage.
Instead, traders who treat oil like any other commodity are widely thought to be driving prices upward, bolstered by a weak dollar and money flowing out of stock markets and other investment vehicles. "
To paraphrase William Shakespeare "First we kill the Day Traders" or at least cut their fiber, high speed cable and phone lines.
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