If you feel like you’re paying more to fill up this week, you aren’t imagining it. The conflict in the Middle East has officially hit the "Oil Phase," and the numbers coming off the ticker are starting to look like a crisis. Here is the breakdown of why gas prices are spiking and what the world is doing to stop the bleeding. 1. The $100 Barrier has Shattered For the first time in over three years, oil prices have officially surged past $100 per barrel . At the peak of the panic this week, Brent crude hit nearly $120 , driven by one simple fear: the total closure of the Strait of Hormuz. Because 20% of the world’s oil passes through that one narrow waterway, the moment Iran threatened it, the markets went into a tailspin. 2. Pain at the Pump: By the Numbers This isn't just a "Wall Street" problem; it's a "Main Street" problem. The U.S. Average: Nationwide gas prices have jumped roughly 27 cents in a single week , hitting an average of $3.58 per gal...
This seems to have started on 23 Aug, 2011 a month before the 'Occupy Wall Street' protests started on 17 Sep, 2011. many of the people carrying slogans at the protests has this as their catch phrase. Many even asking people to link back to the Tumblr site that started it off. If you visit the 'We are the 99 percent' tumblr page, you will see that this 'Brought to you be the people who started the Occupy Wall Street protests'. That is a little background to this whole movement that seems to be gaining momentum on the internet.
The idea behind We are the 99% is very simple. You take a photo of yourself and with a handwritten message of how the financial situation is affecting you and post it to the tumblr site. The meaning itself seeks to draw attention to the fact that 99% of Americans are burdened with taxes while the 1% top rich get away with paying hardly anything.
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