I think most of us have been expecting this, and the DOW dropped 331 points. Hopefully, we aren't going back into a recession, looks like Europe is.
Here in Michigan they couldn't get anywhere on a gas tax increase so they decided to let voters chose whether to increase the sales tax instead. Yippee. GOP controls the House, Senate and Executive branch too. Limited government my butt!!!Our wonderful governor here in Wisconsin wants to increase the state gas tax, which would be in addition to the Obama fed increase he wants to do.
I agree. I think all these douchebags who are politicians must have someway of getting more graft in their pockets every time they raise taxes. Otherwise, why would they raise taxes. We need to remember what we did with an oppressive Government when it raised taxes, we made a big old harbor full of tea!If all these jackass politicians get their way, and increase the gas taxes, just imagine what prices will go to when they rebound. Not if, but when.
I believe oil prices are fixed and right now oil is cheap because we are punishing RussiaThere's another issue here. The country being hurt the most by this is Russia. Pooty is a loose cannon; back him into a corner and there's no telling what that commie will do to "save" Russia from the evil West.
We are now daily seeing how low priced oil is putting folks out of work. The nature of the oil business has most always been boom or bust. Saudi Arabia is the only single country with the ability to keep prices stable, and this time around, they don't want to.
In the bust of the mid 80's, we had enough manufacturing in the U.S. that the low oil prices energized other industries to take up the slack in the unemployment and the rest of the country became more productive, and it became good for the general economy, other than oil areas. This time around, I'm not so sure that will happen.