Wednesday, February 27, 2008

Another Entry into the Daily Sprawl...

"Hold On Tight, Things Are Getting Rougher" file:
Gasoline prices, which for months lagged the big run-up in the price of oil, are suddenly rising quickly, with some experts fearing they could hit $4 a gallon by spring. Diesel is hitting new records daily and oil closed at an all-time high on Tuesday of $100.88 a barrel.

The increases could not come at a worse time for the economy. With growth slowing, high energy prices that were once easily absorbed by consumers are now more likely to act as a drag on household budgets, leaving people with less money to spend elsewhere. These costs could exacerbate the nation's economic woes, piling a fresh energy shock on top of the turmoil in credit and housing.
Here's the whole story.

"You're adding an oil shock on top of a crunch on credit and a housing collapse," said Nigel Gault, an economist at Global Insight. "Even the U.S. economy cannot withstand all of that at the same time."
What's the significance of this? Well, there's alot--one of the major ones being that it will become increasingly important to live in a neighborhood where you can walk to meet some daily needs like recreate, worship, socialize, and even buy basic sundries like milk and bread.