Mr. Prairie says many times an event such as this is what forces the high into the market and lower prices then follow. He says the public money showed up in the gas/oil market and the smart money was more than happy to sell out to the public.
We did see the pumps are a bit lower here, when we went out this afternoon.
I think that's true, too. I would not dare buy petro products on the commodities market now. This really smells like a super top to me. There is no taking into account right now how prices like this will lessen demand - and it will, though perhaps not in the US and perhaps not immediately, but it will happen. I noticed that the commodities markets contracts for the Dec07 are lower than Dec06... and that the '08, '09, '10, and '11 are about a buck a barrel lower each year. Smart long-term commodities traders are not anticipating runaway demand and increasing prices...