This is an extremely brief sequel to this gasoline essay.
Here you go:
Oil prices veered wildly on Wednesday, as they swung back from a spike higher on a sharp fall in crude oil stocks shown in weekly data. Crude oil in New York trading jumped $6.79, to $138.10 a barrel immediately after the release of the inventory data. It retreated to $134.66 but was trading up $4.25, to $135.56 at midday.
The government’s Energy Information Administration showed that American crude oil stocks fell 4.6 million barrels to 302 million barrels last week, four times the drop that analysts’ expected.
The price fluctuations came as the Energy secretary, Samuel W. Bodman III, representing the world’s top energy user [that would be the US], said on Wednesday that he would attend a meeting later this month in Saudi Arabia where global energy producers and consumers will grapple with record-high oil prices.
As oil prices have surged 40 percent since January, Washington has differed with Saudi Arabia – the world’s top exporter – on the reason behind the price increase.
Did you get that? Again:
where global energy producers and consumers will grapple with record-high oil prices
Producers and consumers will “grapple” in Saudi Arabia. This will be bigger than the Thriller in Manilla. Not. This “grapple” is being promoted by the alleged “free market,” supply side, tax cutting Ayn Rand fans in DC. I wouldn’t expect a caged, no rules, death match. I’d expect more kissy face and tea with “our Saudi friends.” And, of course, no short term solution, and no longer term energy policy changes. Crickets.
Folks, everything is breaking down. Since we don’t have a short term solution for gas prices, I have nothing new to offer, except maybe hiding your wallet.