Oil Prices Are Mortal but $4 Gas Still Not Vulnerable
When the Big Three Detroit automakers reported monthly sales earlier this week, there were two interesting footnotes related to this country's so-called addiction to oil. There was a huge build in U.S. crude oil inventory -- to 9 million barrels versus an estimate of 2.5 million barrels. It's the kind of crude build headline that should lead to a knee-jerk bearish reaction from the market, according to Summit Energy commodities analyst Matt Smith. The reaction was just that, but it's far from clear that the reaction will be lasting.