Good news, we have a new 2010 record high for US Oil Inventories. According to the Department of Energy oil inventories came in at 368,156,000 barrels last week. This is the highest amount ever for this time in the year. Despite the fact, oil prices remain at egregious levels courtesy of the Fed and its money printing ways. It is amazing to the see the disconnect between oil prices and supply/demand all because of money printing. Apparently, Zimbabwe Ben does not believe $80+ oil is inflationary so that means QE 2 is required to get oil back up to $120-$150. Perhaps then, inflation will be high enough for our criminal Federal Reserve Chairman. Maybe I am being too hard on Uncle Ben, after all he is printing money and debasing the dollar to "save" the economy. Somehow I do not think the American middle class (or what's left of it) will be so forgiving when they cannot afford to power their cars or food to feed themselves.
Click chart for larger image.
Black Swan Insights