- The big threat to the world the past week is skyrocketing oil prices. Always something to worry about, right? Here is a column from Marketwatch. A big batch of economic data this week is likely to show the U.S. remains on a modest growth path — but rising oil prices threaten to block the way.
- Oil rattling Wall Street’s nerves. “Either we are going to have resolution to the geopolitical tensions in Iran or we’ll continue to be concerned about disruption in supply and watch it rise,” said Art Hogan, a managing director at Lazard Capital Markets.
- But say, isn’t the market near all time highs? Here is the monthly chart on VTI, the total stock market index. Looks near the highs to me. (Ignore the MA trendlines).
- Of course, you could say “hmm, maybe it’s time to sell…” No one would blame anyone for playing the secular bear market angle here, and suspecting that the next move is down.
- Rising Demand for Oil Spells More Price Pain. Analysts warn that oil could become even more expensive in the second half of the year as supplies struggle to catch up with rising demand.
- Meanwhile, President Obama mocks drilling for oil in yesterday’s weekly address. Not only has the President killed the Keystone XL pipeline, but Senate Democrats killed another attempt to open ANWR.
- With regards to ANWR, we won’t have a drop of oil for up to 10 years! (That’s what they said in 2003. Hey, 2013 is right around the corner and we need the oil!)
- But Obama’s energy plan is to run cars on algae and to tax oil companies. Yeah, LOL.
- Remember when Jimmy Carter asked his daughter, Amy, about nuclear war? Maybe President Obama should ask his daughters what kind of fuel we should be using for cars.