I know futures have nothing to do with what happens the next trading day, but when I see WTI oil solidly above $107 (9:15 p.m EST, March 31, 2011) one has to wonder when folks will get excited enough to start writing their congressmen.
By the way, good news for the consumer; I did not know this: President Obama said that every $10 increase in the price of oil only increases price of gasoline by 25 cents/gallon. At $3.50/gallon in our neighborhood, we can still go up 20 more dollars before we hit $4.00/gallon. Pundits say that the breaking point for the consumer is $4.00/gallon.
I guess that's why there is no change in domestic energy policy.
[Remember, if oil goes over $110 tomorrow, it's April Fool's Day -- probably just OPEC trying to play a joke on us.]
