Oil Tops $90 A Barrel - Will It Hurt?

Holy Hell, oil just topped $90 a barrel in after-hours electronic trading. Will we feel the pain?

Holy Hell, oil just topped $90 a barrel in after-hours electronic trading.

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CNBC has a piece about how $90 oil won't be that much of a bother.  It's entitled Why $90 Oil Won't Hurt as Much as You'd Think.  Maybe it won't hurt as much as we think, but it's still going to hurt.

The article says that compared to the last 70s we are much less dependant on energy.  Consumers only spent 6% of their income on energy versus 9% in 1980.  Well, if prices keep going up, that 6% is going to go higher also.  The comparison was also done between the third quarter of 2007 and one month, April of 1980.  April generally isn't a big heating month and the fact that similar time periods weren't used make me a bit dubuios of the conclusion.

But you decide.  Will rising oil prices hurt you or not?

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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