The time is coming! Why am I cheering this? Because $5 a gallon gas will drive up the price of food and other goods, triggering the second, more serious dip of the double-dip recession.
Big Oil, IMHO, has known about this for some time. It was to have already taken place by now, but had to be postponed due to the Gulf spill, which began a year ago today.
So, donning my "Karnac" hat, what do I see?
I envision (in a wild dream) President Barack Obama, responding to the desperate economic situation, by launching an "American Dream" program, where EVERYBODY can buy a house (kinda like it was in the postWW2 years). There's already a glut of foreclosures and surely with these higher prices more to come. Of course, thanks to McDonald's, the employemnt rate is on its way back up, but how long can they prepare hamburgers for people who will eventually be unable or unwilling to pay for them? We need the BIGGEST BADDESST BAILOUT Obama can muster!
Tags: price of gas, $5 a gallon gas