Holy moley!
Bloomberg March 2004 http://www.bloomberg.com/apps/news?pid=10000006&sid=aRAWPN3xYKFk&refer=home
New York Crude Oil Rises Above $37 a Barrel on Venezuela Unrest
March 5 (Bloomberg) -- Crude oil futures in New York rose to more than $37 a barrel for the first time since the buildup to Iraq war on concern increasing unrest in Venezuela may limit shipments to the U.S. before the peak summer driving season.
+4.2 yrs
Bloomberg May 2008 http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a5eIZ7qh9xII
Oil Rises Above $135 After Unexpected Drop in U.S. Inventories
May 22 (Bloomberg) -- Crude oil rose to a record above $135 a barrel in New York on concern that supplies are inadequate after U.S. stockpiles unexpectedly dropped last week.
It is my opinion we are reaching a critical situation right now, because this time last year, oil was $66 dollars...
http://www.independent.co.uk/news/business/news/bad-news-for-motorists-as-oil-hits-new-high-832306.html
Oil was trading at around 66 US dollars a barrel a year ago - less than half today's level - but traders have been buying crude as a hedge against the faltering dollar.
Impact on air travel
American Airlines to charge for checked baggage:
Passengers will be charged $15 for their first piece of luggage.
The airline, blaming high fuel costs, also plans other fee hikes, domestic flight cutbacks and layoffs: http://www.latimes.com/news/printedition/front/la-fi-american22-2008may22,0,301394.story
United Airlines to start charging for second bag:
CHICAGO - United Airlines will start charging domestic passengers $25 to check in a second piece of luggage if they are not part of its most-frequent-flier programs, the airline said Monday: http://www.msnbc.msn.com/id/22992054/
Continental Airlines, others at Tallahassee airport limit number of checked bags:
$25 to check a second bag if you’re flying economy class within the U.S.
http://www.tallahassee.com/apps/pbcs.dll/article?AID=/20080519/BREAKINGNEWS/80519008
US Airways joins airlines charging for second bags:
US Airways Group (LCC) said Tuesday it will start charging fliers $25 to check a second bag, the company's latest effort to raise revenue and deal with rising costs.
http://www.usatoday.com/travel/flights/2008-02-26-us-airways-bag-fee_N.htm
Ryanair hikes bag and check-in charges:
Ryanair today raised the cost of putting bags in the hold and checking in at airports as the high cost of oil forced airlines to scrabble for extra revenues: http://www.guardian.co.uk/business/2008/apr/28/ryanair.theairlineindustry
Ryanair will soon make passengers pay £5 ($10) per piece of checked luggage, or £2.50 ($5) per bag if it has been registered in advance on the airline’s website - an initiative the budget airline claims will mean only 25 per cent of its passengers losing out financially:http://travel.timesonline.co.uk/tol/life_and_style/travel/news/article719678.ece
But here is the good news!
Ford Cuts TrucksAbandoning its goal of a profit in 2008, Ford admits it can no longer rely on big pickups and SUVs: http://www.businessweek.com/bwdaily/dnflash/content/may2008/db20080522_219149.htm?chan=top+news_top+news+index_top+story
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