Crude

Crude was little changed even after the President came out and endorsed drilling/exploration off the coast's of the United States. Any movement on this would take time (60 years?) and would require approval from Congress (little chance of that happening). It is pretty simple to me we either get more production or consume less. Consumption on a worldwide perspective will not happen as to many Emerging Markets will require much greater amounts as the years go on. Remember these are countries (India, China) which have huge infrastructure needs. Large countries in need of Roads, hospital, manufacturing plants. Their needs will only increase as time goes on.

As for greater production,

``No one is expecting to see announcements of increased production,'' said White House spokesman Tony Fratto. The meeting to discuss ways to stabilize prices will be held June 22 in the Red Sea port of Jeddah and involve producers, major industrial nations and banks.

``There were some hopes that there would be some substantive moves from Saudi Arabia from the meeting, but it looks like it's going to be something more akin to group therapy than moves to quell the market's fears about sufficiency of supplies,'' said John Kilduff, vice president of risk management at MF Global Ltd. in New York

So we either find more or else get ready for $6.00 per gallon gas in the very near future.


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