And crude oil inventories may also have bottomed. However, they are still near the top of their range.
However, notice that gas prices are not decreasing the way they did last year at the end of the summer driving season (at least not yet).
Consumers confidence is already at a two year low. The last thing the US consumer needs right now is to have gas prices further crimp their lifestyle.
Oil has dropped from its peak a few days ago. My guess is this is simple profit taking. The next big test for the oil market is to see if it holds or breaks support around $78.
