The Avengers: the price action of oil today had absolutely nothing to do with the fact that the Obama administration continues to destroy the domestic oil industry (lease issue on federal land in the west, extended the ban for off-shore drilling along the eastern seaboard and Alaska for another seven [yes, seven] years, the ill-advised moratorium on deep sea drilling in the Gulf of Mexico, and now the new regulations on deep sea drilling in the gulf) but somehow it brings The Avengers to mind. Yes, I know it's a stretch.
But, think about it. The world runs on oil. The US has some of the largest oil reserves in the world. The Chinese economy grew even more than expected. And the Obama administration takes a significant amount of oil reserves out of world play. Just saying. (Yes, I am fully aware that current supply exceeds demand. And, yes, I am fully aware that even if these areas were opened up, it would take years for them to be productive.)
On another note, natural gas continues to creep up. Natural gas was up 6 cents today, and closed at $4.33.