Since early in 2001, American Oil Companies have longed for the day US drivers would pay 5 or 6 dollars a gallon for gas. A friend from Europe who had ties with an American oil company there told me so. They had a "plan" in place to make it happen: they were waiting and waiting for something like Hurricane Katrina to come along and break the 3 dollar a gallon barrier. Wired Magazine has an article along with a "Gas Atlas" for your perusal! Gasoline and Housing are controlling consumer confidence in the USA. Here in the Northeastern US, just a few months ago, gas prices came down, housing prices were at an all-time high, and some areas, like Albany NY, where "tech valley" was supposed to bloom, greedy homeowners were drunk with power, thinking they'd make oodles of cash selling out. What a difference 120 days can make!
Consumer confidence tumbled to a 10-month low as gyrating gasoline prices and persisting problems in the housing market gnawed at people's sense of economic well-being.Blogging the Koran: This showed up in my feedreader:
The magnitude of the drop shown in the latest RBC Cash Index was surprising given the healthy state of the nation's job market, which is usually an important factor coloring consumers' perceptions of how the economy and their own financial fortunes are faring.
But nagging worries about gasoline prices, if the yearlong housing slump will worsen and drag down home prices further and whether the economy will, in fact, snap out of its sluggish spell, are taking a toll on confidence, economists explained.
"There is too much uncertainty. That is the mindset of consumers right now," said Brian Bethune, economist at Global Insight... [continued]
Just something for you zombie cannibals to think about.
(via Gimme back my god!)