Oil prices broke the $103-a-barrel for the first time today as the dollar hit new lows against the euro and the yen.

Heavy hinting at new rate cuts by Fed chief Ben Bernanke also caused investors to buy into the black goo.

AP reports that “light, sweet crude for April delivery on the New York Mercantile Exchange jumped to a new trading record of $103.05 a barrel in electronic trading before slipping back to $102.07 a barrel, down 52 cents, by midday in Europe.”

“For almost six out of ten Americans, cost-of-living inflation is a real problem,” says Justice Litle. “The rising cost of food and energy is thus a real problem. ”

“It’s wild out there, and things are set to get wilder. The Fed will print dollars into oblivion, banana republic-style, before they let the US economy implode. That simple truth has serious consequences, but it also means opportunities galore.”