Since the MSM isn’t reporting good news, I’ll just carry on my weekly report.
The DJIA is up 600 points over its low in July
Oil was down another $2 a barrel today. Its circuling at 113, 114…
Gasoline is averaging down 7 cents a gallon over the same day last week, nationwide.
In select areas its down over 9 cents a gallon and averages down 20 Cents a gallon in the past two weeks.
You can bet if it was UP 20 cents in the last 13 days, there would have been headlines screaming. But then, that’s how it works, isn’t it.
Oh, there is an article out today that says that gasoline costs, as a part of the average family income, is less today than it was in 1960. Why? Because on average we all make more today than we did in 1960. All numbers are adjusted for inflation.
I note that people are going to the malls, ready to spend, but aren’t. Could it possibly be that all the bad news has folks a little shell shocked. They have the money but are holding on to it. My guess is that when gasoline is down another quarter, probably after Labor Day, you are going to see spending like never before. The secret number is about $3.50 a gallon or so.
Did you know that airlines are having problems now because their fuel costs too little? Make sense — well it seems that some airlines bought jet fuel futures when they were at $4 a gallon, a good deal then. However now that the price is falling, those companies are stuck.
I guess all those folks who thought that $200 a barrel oil was just around the corner were, dare I say it, wrong… We shall see.
JVH
