Market Wrap: Hoo, boy. =(

[Subdivisions]

Dow down: 354
S&P down: 38
Nas down: 78

Oil up: $5 (set new intra-day record of $140.39)
RBOB Wholesale Gas up: 12¢ per gallon

Gold up: $37
Silver up: 70¢

[NightWatcher]

1. MSNBC quoting someone who says oil may be 170 by summer's end???

I dont think the market can take another 30-50 cent increase in gas/diesel. Truckers are on the verge of parking many of their rigs.

[ColbertWatcher]

2. The GOP don't care about truckers. n/t

[Subdivisions]

3. Yes. OPEC President Chakib Khelil was quoted as saying oil to $170 this summer. Link:

http://www.forbes.com/feeds/ap/2008/06/26/ap5157260.html

[SpiralHawk]

4. "Good thing I've got gold bullion in my Swiss bank account to fall back on." - Commander AWOL

"Ooops, almost forgot my republicon 'compassionate conservative' propaganda talking point: 'too bad about you little people.' Smirk."

- Commander AWOL

[aint_no_life_nowhere]

5. Is there a breaking point coming?

Have any economists opined on whether there is a theoretical point at which it will cost more to drive to work or to move food and other necessities around than most people can possibly afford in their budgets?