The title for this entry actually comes from an entry today in Glick Report, a blog by Fox Business News anchor Alexis Glick. Most of her blog entries highlight an interview she has done that day on Fox Business News and this one talks about how high oil prices are driving commuters to mass transportation. Today oil ended the day at $126.29 and it has been hitting new highs regularly. From the blog entry:

“Across the country, commuters are abandoning their cars and choosing to take the train or bus instead. Some states and local cities are seeing an increase of 10-15% in ridership this year. Denver has seen an 8% increase in the past three months. Here in the New York City area, the Metropolitan Transportation Authority [MTA] has reported a 2.3% increase in bus ridership. New York City subway use is up 6.8% for January and February. New Jersey trains have seen a 5% bump in the first three months as well.”

All this because of record high oil prices. From Marketwatch.com “Don’t expect prices to cool down anytime soon”. According to Charles Perry, president of Perry Management, an energy-consulting firm: “Crude’s prices have been climbing in defiance to rising crude-oil supplies since Jan. 1, 2008, and most analysts attribute at least part of the price rise to the decrease in the exchange rate of the dollar, according to Perry. “There is no doubt that this is a cause for [oil] prices rising,” he said. Almost all crude oil worldwide is sold for U.S. dollars, he explained. And “it appears the exchange rate on the dollar will continue to drop unless there is a complete change in monetary policies for the administration and the Federal Reserve,” Perry said.” Wow, no wonder consumer sentiment hasn’t been this low since 1980. Comments anyone?