Oil Prices Affect Cost of Living

April 23, 2008 12:00:00 AM PDT
The sky-high price of oil is a big reason for the rising cost of living.It's just one factor in a flood tide of prices that's making life harder in many sectors. As the dollar sinks and the foreclosure crisis continues to worsen, investors are seizing new opportunities for profits.

Over the past year, commodity prices have surged for certain foods as much as 70% percent and Tuesday the cost of oil hit a record at $119 dollars a barrel.

Anthony Grisanti, a trader for GRZ Energy said, "I think it's the dollar definitely, 1.60 setting a new low against the Euro , definitely that's added to the strength of crude."

Prices are going up so quickly leaders in Washington will hold hearings to see if more regulation is necessary. But they say that may not make much of an impact on the budget of Americans any time soon.