Crude oil simply refuses to break down and is once again trading back above the $100 mark. What is perhaps even more concerning is that gasoline prices are now trading above the $3.00 point at the wholesale futures markets, and this is during the time of year in which gasoline demand is generally quite tame compared to the onset of the busy driving season later this spring and summer.
Should gasoline bulls be able to push price through the chart levels shown, it will portend a move back to the late summer highs of last year. As said in a previous post from last week - PAIN at the gasoline pump is now unavoidable.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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