Anyone else remember the old radio version of Super Man when he would launch himself into the sky? Well, it sure seems that oil prices are following in his wake. Today, the price of a barrel of oil climbed through $95 and looks like it will continue gaining altitude.

So far, the fallout of these oil price records have not made their way through the rest of the economy. That will soon change. I suggest filling up your car and whatever other fuel consuming vehicle you may have and your heating oil tank ASAP before the prices really take off. If oil stays above $90 for the next several weeks - and possibly months - it cannot help but create a major drag on the economy. There will certainly be interesting times ahead.

http://www.nytimes.com/2007/11/02/bu...=1&oref=slogin This NY Times article describes efforts to recover additional oil from declining oil deposits. It is a desperate attempt to squeeze as much crude as possible. The fact that oil companies are making these efforts is evidence that there is simply not enough new oil being discovered. Even the best available technology cannot reverse the decline - only hopefully slow it.