Tuesday, May 5, 2009

Oil Prices Hit New High for 2009

Any economist that is concerned about deflation has no clue as to the powerful impact of money printing.

Crude futures closed Monday at a new high for the year. Light, sweet crude for June delivery settled at $54.47 a barrel, up $1.27, or 2.4%, on the New York Mercantile Exchange, the highest closing price since Nov. 24, 2008. Brent crude on the ICE Futures exchange settled $1.73 higher at $54.58 a barrel.

There is no reason not to eventually expect new all-time high prices in crude oil, given Bernanke money printing. It is not going to be pretty. Well, it won't be pretty, if you aren't long crude oil futures.

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