However, we should not ignore the impact of the rising price of Crude Oil.
As I type this, Crude is a hair under $77.
Futures: The front-month September light, sweet crude contract on the NY Mercantile closed settled up at $2.32 — a 3.2% gain — at $75.88 a barrel. This was "just shy of the 11-month closing high of $75.92 reached July 19."
The good news for motorists was reported by the WSJ: "Gasoline stockpiles rose by 800,000 barrels amid the highest-ever weekly gasoline imports. That compared with expectations of a 510,000-barrel gain. Distillates, which include heating oil and diesel, increased by 1.5 million barrels, twice as much as was forecast in a Dow Jones Newswires poll of market participants."
Crude Jumps to Almost $76
Futures Leap 3.2% As Stockpile Falls At Key Storage Hub
WSJ, July 26, 2007; Page C6
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.