Expect $3.50 to $3.75 by Labor Day.
Comsumptoin continues to fall. OPEC countries are cheating on their quotas and inventories continue ot rise. Yet, the commodities markets are bullish on the market. Traders, ignoring market fundamentals continue to drive prices upward.
How long will the bubble last? Who knows.
One thing is for sure, a poor economic report combined with a stagnant job market, will stop the rise in prices. Precisely what happened in mid to late 2008.
We'll see.
I'm thinking the next 5 months are going to suck.