My wife and I made a Sonic run yesterday and saw that the cost of gas at out local station had jumped about ten cents. I wasn’t shocked since I run a blog that details this – the wife is apparently not a reader since she very much was. Anyway, this jump is nothing. The dollar devaluing and the chaos in the middle east are going to work together to push gas prices to American economy busting highs. From Bloomberg:

Crude rose above $112 in New York for the first time in 30 months and Brent topped $125 on skepticism that Libyan output will rebound when fighting ends and as a weaker dollar increased demand for commodities.

Futures rose as much as 1.6 percent in New York as Barclays Capital said strikes on Libyan oilfields by forces loyal to Muammar Qaddafi ended hopes for a prompt resumption of exports, and will help send prices toward $130 a barrel. Raw materials surged as the dollar dropped to the lowest level against the euro in more than a year.

[…]

Voters in Nigeria, Africa’s biggest oil producer, go to the polls tomorrow to choose members of parliament in the first of a three-stage general election.

“We could easily come in Monday and see further disruptions because of the Nigerian election,” said Phil Flynn, vice president of research at PFGBest in Chicago. “This is critical because Nigeria produces high-quality crude that’s similar to the missing barrels from Libya.”

The dollar slipped as much as 1 percent to $1.4444, the lowest level since Jan. 10, 2010. A weaker U.S. currency reduces the appeal of raw materials, which are priced in dollars.

“If you want to know why commodities are up, take a look at the dollar,” said Phil Flynn, vice president of research at PFGBest in Chicago. “The dollar is dropping because the Fed is out of whack with the rest of the globe when it comes to rate expectations.”

Get any of your driving done before the summer. I think $6 gas in South Carolina is possible and who knows what it’ll be in places like California.

No doubt what is partially fueling our stock market bubble. From The New York Time:

PARIS — Standard & Poor’s said Tuesday that it had cut its sovereign credit ratings for Portugal and Greece, piling further pressure on the countries as they both seek to come to grips with a heavy debt load and weak economies.

S&P cut Portugal’s rating to BBB- from BBB, with a negative outlook — its second downgrade in less than a week. BBB- is the lowest investment grade rating at the agency, or just one notch above junk.

The Portuguese government collapsed last week after it was unable to push through Parliament further measures to plug its deficit and fend off the need for outside aid. The country now faces weeks of political uncertainty before general elections.

S&P said the country would probably need an international bailout. Lisbon has about €9 billion, or $13 billion, of bond redemptions coming due in April and June. Analysts suggest that Portugal’s current cash position is sufficient enough to cover the April redemption, but not the one in June.

The Greek rating, already junk, was cut by S&P to BB- from BB+ amid concerns the country may be required to restructure its debt.

The Eurozone is dying which is giving the American stock market a bounce, but we’re in no better shape. Time to stock up on tangible assets.

But hey when they say end of the world that doesn’t include us, right Libertarians?

New evidence has emerged that the Iranian government sees the current unrest in the Middle East as a signal that the Mahdi–or Islamic messiah–is about to appear.

CBN News has obtained a never-before-seen video produced by the Iranian regime that says all the signs are moving into place — and that Iran will soon help usher in the end times.

While the revolutionary movements gripping the Middle East have created uncertainty throughout the region, the video shows that the Iranian regime believes the chaos is divine proof that their ultimate victory is at hand.

The propaganda footage has reportedly been approved at the highest levels of the Iranian government.

It’s called The Coming is Near and it describes current events in the Middle East as a prelude to the arrival of the mythical tweflth Imam or Mahdi — the messiah figure who Islamic scriptures say will lead the armies of Islam to victory over all non-Muslims in the last days.

“This video has been produced by a group called the Conductors of the Coming, in connection with the Basiji — the Iranian paramilitary force, and in collaboration with the Iranian president’s office,” said Reza Kahlil, a former member of Iran’s Revolutionary Guards who shared the video with CBN News.

Kahlili, author of the book, A Time to Betray, worked as a double agent for the CIA inside the Iranian regime.

“Just a few weeks ago, Ahmadenijad’s office screened this movie with much excitement for the clerics,” Kahlili told CBN News. “The target audience is Muslims in the Middle East and around the world.”

You can watch the whole video at Kahlili’s website and CBN has an excellent video report posted. Think this won’t make your life harder?