Oil Hits Record At $146, Chances Of Deep Recession Grow

The price of oil hit $146 today on fears of instability in Iran, Nigeria, and production problems in Brazil.

If oil stays at this level, the price of gas is likely to move closer to $5.

With the auto and airline industries already in deep financial trouble, oil at $150 could push several of the companies in these sectors into Chapter 11.

With the consumer, gas and oil are likely to become a quarter to a third of the household expenses for some middle class families. With that added to higher food prices, Wal-Mart (WMT) may benefit, but no one else will.

The US middle class is running out of money.

Douglas A. McIntyre