Recession on the way

Bloomberg.

Gasoline futures jumped to a record $2.80 a gallon on the New York Mercantile Exchange as refineries remained idle along the coast. Fuel wholesalers across most of the U.S. yesterday started rationing deliveries to filling stations and convenience stores because of the refinery and pipeline shutdowns.

A recession due to a fuels crisis is almost a certainty at this point. A downturn will create a fountain of red ink with the government pouring funds into Iraq and Afghanistan.