Oil prices have been set to rally, we can hope they don't rally too much:
Oil prices rose to six-month highs Wednesday as an increase in U.S. consumer confidence fueled optimism that the world's largest consumer of oil is emerging from a severe recession.Traders were also watching an OPEC meeting in Vienna amid expectations the oil cartel isn't likely to cut production.
Benchmark crude for July delivery was up 67 cents to $63.12 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. Earlier in the session, the contract reached a peak of $63.45, its highest level since mid-November. On Tuesday, the contract rose 78 cents to settle at $62.45.
In London, Brent prices rose 79 cents to $62.03 a barrel on the ICE Futures exchange.Oil prices have jumped from below $35 a barrel in March on investor expectations that the worst of the global economic slowdown is over.
Oil and stock investors took heart from Tuesday's report from private research group The Conference Board that showed U.S. consumer confidence in May soared to the highest level since last September. Stock indexes jumped on the news, with the Dow Jones industrial average gaining 2.4 percent.
I am sure Steven Chu will be all over it. Anyway Obama al ready has his talking points to deal with high energy prices, he will claim that the increase in CAFE standards will solve the issue. Of course that does nothing to alleviate the pain of the working and middle class, but making people pay more for energy has been the Presidents plan all along.
Yes, here in South Florida, at least in Kendall, the prices have gone up abruptly and exorbitantly...
ReplyDeleteBTW, my suburb has a relatively big Paki population and I noticed, anecdotally, that 7-11 and other related stations, where they run the place, their prices are about 4 to 5 cents below market????
Am i being paranoid? LOL
And on top of selling cheaper gas, they prominently promote & sell porn and pot related materials.
Taking cash from the infidels to finance Jihad!!!!