Crude Oil Surges to All Time Highs

Crude oil surged to above $80 a barrel for the first time, a day after Opec decided to boost its output of crude oil in an effort to ease cost pressures.

That shows just how tight crude oil supplies are. The Saudi announcement was intended to take some of the supply pressure off the market. However, today the US reported a sharp drop in crude oil stocks and this news completely over shadowed the news about the planned Saudi crude oil production increase.

An ill wind is blowing over the worlds financial markets. Record prices for crude oil, a weak US housing market, hedge funds and investment banks in trouble with a boat load of sub prime mortgage home loans going bad, record foreclosures of homes in the US, and the inability to value exotic derivation investments into the Trillions are more than troubling.

The potential is present for a worldwide financial disaster of epic proportions. Throw in a US Dollar that is collapsing and the certainly of turmoil in the world’s financial markets is at 100%.

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