Anyone recently filling up at the gas pump or getting an oil delivery to heat their home for the winter is spending less, a lot less, thanks to plunging oil prices. The cost per barrel of West Texas Intermediate Crude is now 55% lower than on June 13, 2014. Momentum is to the downside with losses in 22 out of the past 29 days. Wall Street seems to be having a tough time figuring out if low energy prices are good or bad for investors – the stock market is off to one of its worst starts to the year. But economic forecaster IHC Global has little doubt that Americans are better off with oil at$40 per barrel than $80 per barrel. Click charts to enlarge.
♦ Please note that my readings will change without notice, so please don’t buy or sell solely based on anything you read in this blog. ♦