Oil tests $115 support level

UPDATE: Oil tests $115 again, going as high as $115.45 before backing off, though still remaining above $115.

Fortunately it backed down (at the moment, it's $114.74) but with the dollar hitting new lows against the euro, yet again, there's not much out there to prevent oil from breaking through $115 and holding above that level. The Federal Reserve is increasingly pessimistic on the economy though it could be argued that they are only now coming to grips with reality.

The Fed has backed itself into a corner with slashing rates to prop up the biggest sinners from the housing crisis and take a guess who will yet again pay the price? Aren't you glad billions (or even trillions) of Social Security money weren't handed over to Wall Street? Can you imagine? It's no wonder the majority of Americans blame the GOP for this financial situation.