Reality sets in: we’re going to see $100/bbl oil- then what?

It is definitely looking like we’ll see oil prices hit $100 a barrel here in the next few days as the market continues to get bullish news regarding gasoline and oil.

I haven’t yet said anything about diesel prices this Winter (I got an e-mail) but I think for the most part we’ll be setting record diesel prices this Winter. Not a pretty picture. I was on WOODAM 1300 a few mornings ago and explained that I don’t think anything will get better until we’re buried in snow (the deep winter months- January) and the refiners get gasoline and diesel pumping out.

After that? Oil is due for a large correction. Should come back to $70 or $80 no problems… so until that happens we’re going to continue to get set up for a market correction (hopefully not a recession)

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