Europe and high oil prices

europe especially france has themselves to blame on the recent crisis. given their intervention mentality in libya, tunisia, iraq, iran, sudan, brent crude has persistently stayed above texas sweet crude for 20 odd usd. with the austerity wind blowing strong, the economy needs lower oil prices to buffer the impact to consumers, but it is exactly the other way round, wage cut, layoffs are met with higher gasoline prices, no wonder everything under the sun have to expect lower prices as consumers are squeezed and cannot afford higher prices after deducting their gas and utility bills from their lower income or soon to be cut wages or even, in the case of layoff, unemployment insurance or welfare.

expect a lower euro which again will translate into higher prices for european consumers when it comes to materials or products that have to be imported, this will dent the economy even further.