Thursday, May 5, 2011

Did the Oil Market Just Guarantee President Obama's Reelection?

It's a long way to the first Tuesday in November 2012, but...

This week's thirteen percent decline in crude should, barring a bizarre widening in the already large crack spread, bring gasoline prices down below the $4.00 line in every state except Hawaii and that place in Alaska where it's going for $8.20/gal.

Combined with bin Ladin's departure from the scene and the agreement to kick any grown-up attention to debts and deficits down the road, the First Family can probably put off calling the moving vans for a while.