WASHINGTON (AP) – Wholesale inflation shot up in 2007 by the largest amount in 26 years even though falling gasoline costs allowed price pressures to moderate in December.
The Labor Department reported that wholesale inflation was up 6.3 percent for all of 2007, reflecting a huge increase for the year in various types of energy costs ranging from gasoline to home heating oil.
Oil prices guide inflation. Meanwhile, Citigroup announced that they’ll be taking bailout cash from the oil regime of… Saudi Arabia. How ironic that President Bush is visiting Saudi Arabia today.
There’s a word for this sort of confluence of events: FUBAR.
