Will big oil burst Obama’s economic Bubble?
Today's Financial News - Posted November 5, 2009
Pundit Adam Lass charts the coinciding trends of increasing oil and stock prices, and marks the peak and fall of two administrations – and wonders whether the Obama administration will let the markets run their course again.
By Adam Lass, Taipan Daily
“Oil down to $80!”
A year ago, that headline was impressive, because crude futures had been hanging out around $144 a barrel, and were on their way to $48. Talk about blood on the trading floor! Now that’s the sort of rich stuff a columnist can sink his teeth into.
The recent $3 hiccough is merely a 4% cyclic dip within a larger rising trend that has seen crude futures rise some 71% over the past nine months. Quite frankly, the oil price could drop to the bottom of the rising trend at $75, and I still wouldn’t be impressed. Heck, I halfway expect it.
Still, this little tempest in a teacup did get me thinking about energy prices et al. I’ve long maintained that energy costs are the mosquitoes of inflation. That is to say, they are the disease vector that allows the theoretical destruction of the dollar to burrow down deep into regular folk’s pockets.
Read the complete article at Taipan Daily.
Next Article: Gas pain: The International Energy Agency weighs in
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