Rita and Oil

It has been a little while since I posted an oil update, so here is a quick recap on my opinions.

I have been tracking oil increases June with the stated prediction (see bottom of the page) that prices on crude would double over the next year, resulting in a depressed economy. So far we are 1/2 way there.

I believed, but admittedly did not post, that oil would retreat temporarily in order to allow profiteers to buy at a lower cost and then drive up to it's next plateau. We can see that happening here.

Now comes news that Hurricane Rita is menacing the Texas coast and oil refineries are shutting down.

The Real Effect
Do not panic, but fuel up your car now, before the price increases come. I believe that this will further reduce the American refining capacity and continue the coming American recession.

Edited for appearance and labels on 4/13/2010.