I always find it curious that the same Street urchins who criticize government for interfering in the "free market" are nonetheless the same ones pouting in the corner when the Fed doesn't propose a new bailout to improve their portfolio values.
When my children would pull a stunt like that, they would be sent to bed early... not given a seven-figure salary and benefits.
In any case, that's not the only pouting going on...
A few weeks ago, pundits were claiming U.S. gas prices could be moving down to as low as $3 a gallon nationwide.
Well, these same guys have been quiet lately.
That's because the price has been moving, all right, but in the opposite direction.
The RBOB near-month futures price was up again yesterday (Monday) at market's open. This is the contract traded on the NYMEX for blended gasoline. The price has increased 5.6% in the past week and 11.6% for the month. As of Monday's open, the price had recovered 13% from the recent low, just three weeks ago.
Gasoline is now tracking ahead of the rise in crude oil futures prices.
The reasons are rather straightforward.