$135

AP: Oil climbs to record above $135

Oil prices hit a record above $135 a barrel before falling back in Asia Thursday, with supply worries, rising global demand and a slumping dollar keeping crude futures on an upward track.

Oil is up $6 over a 48 hour span.

High profile financial elites mention that oil is overpriced. Recall that the Fed issued rather anemic news about the American economy on Wednesday. The Fed revised its anemic figures from February about the GDP, unemployment, and inflation with figures that are more problematic.

If the 'slumping' dollar is cited as a reason for the increase in oil per barrel, then why would there be a drop in oil, the dollar would continue to 'slump' in a weak economy.

In other words, why wouldn't $200 per barrel oil be much closer than 2009.

Bush leaves office on an amazing bang -
* barely any growth in the Dow Jones Industrial Average since 2000 (and who knows, it could fall further.)
* an endless war with Iraq falling into nothing short of a society in total deprivation
* oil at $200 per barrel (does anyone think this is unthinkable?)
* rising percentages of homeownership in disarray with foreclosures at record highs (as one deep operative pointed out, did Bush allow the financial industry to indulge in catastrophic mortgage lending practices in order to maintain a sense of prosperity while embarking on the disastrous shock and awe course.)
* inflation on the rise and rising. (will we see white flight back to the cities in order to lower transport costs and will we see increased mass transport as the people with marginal incomes lose purchasing ability with high priced gas, not to mention more hunger with rising food prices.)
* unemployment on the rise. You can't sustain a low GDP with full employment.
* a massive deficit.
* and the topper - a desired war with Iran.

There is a simple fear that I want to reiterate. Obama comes into a massive mess. He spends 4 years with initiatives in an attempt to hold back the tsunami. He falters, the tsunami is too huge. The American public in its 'wisdom' picks a new Republican president in 2012. The new Republican is another outright neo-con yet more vigilant than Bush, because there are no more moderate Republicans.