While logging on to get email from my Juno account yesterday, I saw the following headline under the Business section:
Oil tumbles on surprise jump in supply
Let's see, I'm not a genius, but I do know a think or two about basic economics. And I know that if you drive the price of a product up, much the way oil speculators have done over the past several months, sooner or later people are going to stop buying quite so much of that product. And when demand decreases, the supply increases. Duh.
Gas prices are up over 34% from last year at this time. Surprise jump in oil supply? Shocking.....