Gas Up 40¢ Overnight. Rates Up. Oil Supply Tight. We’re Cooked.

Gas Up 40¢ Overnight. Rates Up. Oil Supply Tight. We’re Cooked. It really only can go tits up from here, you guys. Rate increase coming with Trump’s Fed chairman pick, who was publicly calling for rate decreases before this. If even Warsh agreed unanimously on a rate increase, we’re cooked. Strategic oil reserves have either gone dry or are starting to, according to the WSJ. Oil CEOs are seeing no indication that this gets better. If anything, they’re warning that we’re only beginning to see the consequences of the Iran war. They’re already running out of diesel at some stations in oil-rich Texas. Meanwhile, in my home state, our (albeit cheap but barely affordable for CoL) gas was sitting around $3.82/gal and literally shot up 40 cents overnight to $4.20. I can’t tell you exactly what the crisis is going to look like, and I can’t tell you when the real damage will hit. But I genuinely believe the conditions for a crash are better now than they ever have been before. Let’s see how the open goes.