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How Will Oil

This summer, oil crossed the $77 threshold per barrel and since then, it has been on a steady decline. Today, it crossed $58 per barrel.

Lower prices for oil should reduce heating bills and gas pump receipts for Americans this winter.

High oil prices are a stimulus for inflation so on the surface this would appear to be good news for the economy - lower oil prices settles the economy down. However, in our country, money saved is money spent.

If the price of crude continues to drop, expect the average consumer to use their newfound 'wealth' and pump it right back into the economy. If oil does not reach a floor shortly, we could have the makings for Fed Fund Rate hike in 2007.

Scott Kinne

Contact Scott

Vice President, Senior Loan Officer
NMLS ID #182351
Office: 703.293.6146
Mobile: 571.237.6241
Fax: 571.317.2478
skinne@fhmtg.com

Licensed In Maryland, Virginia, Washington D.C., West Virginia
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First Heritage Mortgage, LLC, Company NMLS ID #86548

Our Location

3201 Jermantown Road
Suite 800
Fairfax, VA 22030
Business: 703-293-6146
Cellphone: 571-237-6241

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