Thursday, April 26, 2007

DOW Breaks 13000!

And it took less than 6 months to gain a thousand points. Why aren't people happier about this?

Maybe it's the fact that the front page, above the fold news story on the front page of the Seattle Times is that gas has been going up steadily for the past few weeks, and now looks like it will cross the four-dollar a gallon line sometime this summer. And mind you, this hasn't been a timid escalation, a frog-in-boiling-water situation. This has been a broad-shoulders striding into higher price ranges, wading ashore like a gulf hurricane, tossing SUVs in its path.

And the reason given for this latest round of escalation? Troubles with Iraq, Iran, Venezuala, Russia, or any of the other oil-producing countries we've been picking on? Sudden weather changes creating more cold (demand on heating oil) or more warmth (encouraging driving) than usual? The article I read put it down to stressed refinery infrastructure and a potential strike by Belgian refinery workers.

Look at the first one hard. The oil companies have been making money hand over fist, and haven't been using any of it for repairs and upgrades? Yeah, right.

And the second concept that was floated - Belgian Refinery Labor. I think they're just using MadLibs for their press releases nowadays.

I remember when gas first nudged tentatively past a buck a gallon, and America was shocked, simply shocked, and demanded action. These days, it gets a mention about two weeks after it has sailed by the three-buck milestone and a shrug of "What are you going to do?". And these strange, strange answers.

But maybe one is tied to the other, cause higher gas prices are good for SOME Americans - those who own large chunks of Exxon stock. The rest of us, not so much.

More later,