Oil prices continue march to $50 per barrel

Oil it $47.40 per barrel today.  How much farther must it go up before we start to feel serious effects on the economy? Answer we are already feeling the effects.

from CNNMoney Story Link

"The U.S. uses 20 million barrels of oil a day. Prices are currently inflated by about $15 a barrel, and that additional cost is effectively a $300 million dollar-a-day tax on Americans, eating away at disposable income for people in this country," said Gheit, adding that no tax break would be able to offset an amount that large.

The new record had traders talking about how much higher prices could go.

"It seems like we're going to have to rendezvous with the $50 level," said Peter Beutel, oil analyst and president of energy consultant Cameron Hanover, predicting that crude prices would hit that price by the end of the month.

"Eventually these prices will stop the economy from growing," he said.