WTI oil reached $146:22 per barrel today, confirming that the oil industry is indeed incapable of supplying demand.

We are now in our fourth week with the price above $130 and nothing seems to be able to push the price down. Not even Abdullah al-Badri, OPEC's Secretary General, had any impact at all when he said:

Supply is enough. The price is driven by many, many causes -- most of which is speculation.

Dow Jones fell 1.5 % and NASDAQ fell 2.3 %. The tight relationship between economic growth and the oil price makes investors nervous. Our economy cannot be sustained with an ever increasing oil price and so it's logical that the markets will keep falling.

General Motors dropped over 15 % when investment bank Merill Lynch said the car maker needs 15 billion dollars. Merill Lynch says bankruptcy is not out of the picture. Their Hummer and SUV divisions sold 60 % less cars in May than the previous year, noone wants to buy SUV:s and incredibly inefficient cars anymore.