Oil Is Creeping Higher Just About Every Day
Few seem to have noticed, but energy prices just keep moving higher, almost every day. This morning, WTI crude oil hit $97 a barrel for the first time since the September sell-0ff and, all of a sudden, wholesale gasoline prices are back at their September level when pump prices were 50 cents higher than they are now.
Inventory remains quite high in Cushing, Oklahoma and the reason cited for this afternoon’s sell-off that took the oil price down more than a dollar a barrel was that a pipeline shutdown in the area might drive oil stockpiles even higher. Maybe the recent rise in the oil price has something to do with all that Fed money printing that, as of the first of the year, about doubled to $85 billion per month.