Well, 4th of July usually marks the pinnacle of oil prices….unless there is a severe hurricane season brewing that causes refinery shutdown and damage. Add to the that, the strategic national petroleum reserve that has been severely depleted, this may add to oil prices being stubbornly high. That reserve needs to be replenished. Then we have to take into account that the economy seems to slowing, but I still see a LOT of traffic on the roads - tractor trailers, trucks, cars. That means there is still a lot of commerce. All of this has to help taken into account when determining where oil prices are headed.
Well, 4th of July usually marks the pinnacle of oil prices….unless there is a severe hurricane season brewing that causes refinery shutdown and damage. Add to the that, the strategic national petroleum reserve that has been severely depleted, this may add to oil prices being stubbornly high. That reserve needs to be replenished. Then we have to take into account that the economy seems to slowing, but I still see a LOT of traffic on the roads - tractor trailers, trucks, cars. That means there is still a lot of commerce. All of this has to help taken into account when determining where oil prices are headed.