| US to stop buying for Strategic Oil Reserve -- 5/16/2008 |
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Currently, the DOE is purchasing 76,000 barrels of oil a day. President Bush has said in the past that he does not support halting these shipments because it is such as small amount of oil. The Reserve is over 97% full and holds 701 million barrels of oil. In the long term, this small amount should not really affect price, but may have a short term calming effect. As oil is taking over as the predominant drag on the economy, housing may be making a sneak attack improvement...
As we have reported a number of times in the past 3 months, there have been numerous signs that the housing market reached 'a' bottom and is improving. We have had instances of mortgage loan demand being higher than expected, and now today new home contruction is way higher than expected. However, we still are not to the point that we will declare victory as there are builders all over the US that still have a huge glut of inventory, not to mention all of the foreclosures. In any event, one more positive sign that we are loving. Get The Limit Order for $6.65/month with a 3 month membership. The Limit Order stock picks continue to outperform the market, Register for free and check it out. |
