On Monday, a steep drop in the U.S. dollar, assumptions that the government rescue plan will help improve the economy and boost oil demand as well as short-covering related to the expiration of the October crude contract on Nymex all combined to pull oil prices to their highest intraday level in two months. Oil's rally was "a mixture of short covering and the growing realization that the Fed [especially in an election year] is willing to be the ultimate backstop to the economy," said Neal Ryan, a managing partner at Ryan Oil & Gas Partners. "Throw in a worsening supply/demand dynamic on top of it and we're off to the races," he said. It all just "underscores that energy is the only place to expect outsized profits these days and the money is flocking into that market," he said.
http://www.marketwatch.com/news/story/oils-16-gain-makes-history/story.aspx?guid=%7BACB659AB-D073-4DC1-9D68-C275ADBDA74B%7D&dist=msr_1Glad I decided not to buy that new truck just yet. The price of fuel is going to go thru the roof... again.
