Think things at the pump are bad? Just wait until you get your heating bills. Once Old Man Winter gets around to paying Philly his annual visit, we'll be paying dearly.
It's the classic supply and demand scenerio. Crude oil is going up thanks to many factors. The latest is our off-the-chart hurricane season. Tropical Storm Katrina is threatening off-shore oil platforms. Threats mean production problems. Problems mean possible shortages. Shortages mean, you guessed it, higher prices per barrel.
And the fun doesn't stop there! China and India are big players now in the supply/demand market. It's not just crude they are using as much as the US. Natural gas is another resource they are using to no end. So for those of you that are chained to PGW and saying "natty-natty-boo-boo" to your neighbors with oil heat, wait until you get your first real winter bill.
Then everything else falls into line. Gas goes up, heat goes up, food goes up, etc. Looking at my paycheck ... well, why didn't it go up? Oh yeah! Taxes go up, insurance goes up, wages stay the same. Ergo, less for us to spend at the local video store for snow days.
There is no escaping it. We are going to get slammed this winter. And lord help us if it's a deep freeze.
See? This is what happens when I get a subscription to WSJ.com. I become a regular ray of sunshine.