$70 oil wahz trumped the rally for the time being. Everyone bullish on oil now and it should pierce $70--well thats the cw--we need a break and failure to penetrate this benchmark and a subsequent drop to the high 50s quickly would be a nice back to school present. And if that doesnt happen either AG needs to stop raising after one more and/or release some of that strategic oil to break the speculative bubble. This admin is more worried about a housing bubble that is self correcting than an oil and gas bubble that is gaining momentum. And unlike housing boom, oil boom means bad things.
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