Oil spikes $25 a barrel on anxiety over US bailout

Monday September 22, 2:24 pm ET
Oil prices shoot up over $25 a barrel as anxiety over US bailout weighs on dollar

NEW YORK (AP) -- Oil prices are spiking more than $25 a barrel as rising anxiety over the U.S. government's proposed bailout of the financial system batters the dollar and sends investors scrambling for safe-haven assets.

Investors worried Monday that the mammoth $700 billion rescue proposal will dramatically ramp up U.S. borrowing, an inflationary move that sent the dollar sharply lower versus its rivals.

Light, sweet crude for October delivery was up $25.45 to $130.00 on the New York Mercantile Exchange.

biz.yahoo.com...

To all you guys saying the bailouts are a good thing, this is what we get! This is the typical outcome of liberalism - cut off one evil head and three more grow back. Save the failing credit companies to stabilize the market? Look at the cost. The cost is a worthless currency and through the roof commodities because investors will use them as a hedge against the declining currency.

THIS IS WHAT LIBERALISM DOES. Government buyouts of businesses when the nation is in a debt crisis destroys the economy for ALL instead of just letting the companies collapse and hurting a few. We're bleeding ourselves to death. We're making the situation WORSE. NO MORE BAILOUTS!

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