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
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