Next stop on the oil bandwagon: $85/bbl. That's right, folks, better get used to it. And, higher prices for crude equals higher prices at the pump.
And, just think--this run-up is completely based on economic growth, not a hurricane or geopolitical violence. That logic is exactly why we should all embrace higher oil prices. Higher prices serve as a proxy for economic growth. Remember--this is not isolated to just the U.S.A., but the entire globe!
So, better fill up that SUV before the last minute trip to the beach over the Labor Day weekend. Because if the current bullish signs are correct (not to mention Chairman Bernanke's comments today), then we are in for some gooooood times ahead.
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.