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Wall Street Isn't Worrying About High Gas Prices, So You Shouldn't Either

Reported by Melanie - June 20, 2005

In Bush-world, deficits don't matter, the insurgency in Iraq is in its "last throes," there is no global warming and the price of oil ain't no biggie. As Neil Cavuto is fond of saying (over and over again), oil would have to hit $80.00 a barrel in order to be "adjusted for inflation" and to cost as much as it did in the l970's. So relax already, right?

Oil closed at a record high of over $59.00 a barrel today. According to Bloomberg, the news is worrisome, but Cavuto isn't worried. Cavuto is so calm about it that he relayed the closing numbers on Wall Street this way today (June 20, 2005):

All right, we've been talking about this oil hitting a record today but stocks, you know, they barely reacted. The Dow dropped about 14 points so it's like it wasn't even a big deal. Look at the Nasdaq. That was down about 2 points so, you know, the market just shrugged.

Comment: Any pinch you might be feeling in your wallet because of high gasoline prices must be in your imagination. Next time you're filling up, just shrug, it isn't a big deal.

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