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.]
Just not clear what you see as the way ahead. Would you like to see higher crude prices (benefits oil co stock prices) or lower crude prices (benefits consumers)??. You seem to be on all sides of this question.
ReplyDeleteAre you a closet consumer advocate??
Your postings have been on all sides of this question.