So other countries holding oil hostage for higher prices is the reason for Americas current ecomonic woes?

And this caused a domino effect; Is it really just that simple?So other countries holding oil hostage for higher prices is the reason for Americas current ecomonic woes?
Yes, that and the banks that are sticking it to everybody. The gov no longer does it's job to protect the public.So other countries holding oil hostage for higher prices is the reason for Americas current ecomonic woes?
No, the reason for our economic woes is the control of our economy by bankers, aka the Federal Reserve, their friends in the Wall Street financial giants, and their puppets in the current administration, including Secretary of the Treasury Paulson.





Uh oh, here come the thumbs down ... I can sense it ...





:-)





But seriously, you might want to look into the history of the Federal Reserve and of banking in the United States.
Lot of right answers above but to answer your question..NO it isnt strictly oil causing our economic troubles.. As said the housing market is another reason. as is the increased minimum wage. It didnt only raise the wages of the poor workers but a lot of union contracts are determined by the minimum wage. So truckers miners construction workers and lotsa government union workers got raises. This drives up the cost of everyday goods putting pressure on your income.
There are a lot of other factors than oil impacting our economy.





For starters, our economy for the last 8-10 years was propped up by home owners. Home owners were taking out home equity loans and buying all sorts of crap such as: boats, cars, and vacations. Now, that no one can get credit and their homes are worth 20%-50% less than two years ago, guess what? No more home equity loans for crap like: boats, cars and vacations.





Oil is also traded in US dollars and since our dollar is worth about 30% less than it was 4 years ago, you end up having to pony up more cash to get that oil. You can think our deficit spending - which is basically just printing money for that. Look at Zimbabwe ... an extreme example, but they print $100,000,000,000 bills and one of those still won't buy you a loaf of bread. Zimbabwe is essentially doubling their money supply every 2-3 days ... we are doubling our money supply every 2-3 years. That leads to inflation.





Drilling for oil may help in the long run, but there isn't much we can do to hellp in the short term.
yes the price of gas is whats slowing our economy and if the liberals would actually let us drill for our own oil like the 70%+ of us americans would like then everything would be fine
No, the fact that we are unnecessarily still using so much oil is the problem.
not other counties usa oil companies and their pals in saudi arabia and the white house