Suitably Flip

All's Well When Oil Swells

Well, actually, the equity markets aren't exactly in a swell mood today, but U.S. consumers ought to be.  As was the case last week, the new Energy Information Administration report shows crude oil inventories continue to decline, but  refined products continuing to grow at unexpectedly high rates.

The result?  The can barely give this stuff away.

Maybe that's pushing it.  But crude futures are down once again, glancing off $54 per barrel earlier today (almost ten bucks cheaper than three weeks ago and down nearly a third since July).

You may notice I'm posting frequently about this oil sell-off.  Do you remember how much of the daily news cycle was eaten by the oil run-up story in early 2006?

I do hope Senators Specter, Dorgan, and Levin will be consistent and now demand a bailout for American oil companies, given their ongoing fall-off in share price.

Previously:
Oil Below $55
Oil Below $57 [Update: Below $56]
Oil Below $58

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Update:  Now below $54.

Comments

All's Well When Oil Swells

Well, actually, the equity markets aren't exactly in a swell mood today, but U.S. consumers ought to be.  As was the case last week, the new Energy Information Administration report shows crude oil inventories continue to decline, but  refined products continuing to grow at unexpectedly high rates.

The result?  The can barely give this stuff away.

Maybe that's pushing it.  But crude futures are down once again, glancing off $54 per barrel earlier today (almost ten bucks cheaper than three weeks ago and down nearly a third since July).

You may notice I'm posting frequently about this oil sell-off.  Do you remember how much of the daily news cycle was eaten by the oil run-up story in early 2006?

I do hope Senators Specter, Dorgan, and Levin will be consistent and now demand a bailout for American oil companies, given their ongoing fall-off in share price.

Previously:
Oil Below $55
Oil Below $57 [Update: Below $56]
Oil Below $58

---

Update:  Now below $54.