Oil closed at $70 a barrel today. There is no good market reason for the run-up. In fact, the Department of Energy reports that demand for oil is down and that oil inventories are at a record-breaking 19-year high. The financial media (largely CNBC) has been gleefully abuzz of late about rising commodity prices - especially oil - as somehow signaling a rebound in the economy. They have suggested that high commodity prices are somehow a "green shoot" or "mustard seed" that shows the market still has potential. It's too bad they are absolutely wrong.

Friday June 5, 6PM - For the last 60 days gas prices have risen in San Diego by an average of nearly a penny every 12 hours. If this trend continues (and it probably will) local gas prices should top $3.00 a gallon on average by Thursday afternoon - a 58% increase since the beginning of the year.

Dateline:  Terry, Montana, June 3, 2009 - 11:30 MST By:  Bob van der Valk   ....

Dateline:  Terry, Montana

By:  Bob van der Valk

Manipulated Oil Markets: Why the "reasons" for Memorial Day price gouging are little more
than excuses ...

Since January 1, gas prices have increased by almost 70 cents a gallon. Meanwhile, the per gallon price of oil has increased only 30 cents a gallon. Get the full story at fueltracker's parent Web site, the Utility Consumers' Action Network.

By: Bob van der Valk

Petroleum traders have been keeping a weary eye on the news about the swine flu spreading to other parts of the world.

But by now they are used to having the least amount of bad news effect crude oil and in turn fuel prices. However, the current scare may be short lived as the real story behind the headlines is just beginning to develop.

Over time I've noticed there's major changes in gas prices in groups and I surmise this to be a regular price change in a regular cycle of changes. But I've never really tracked it to pin down the actual day of the week (or the time of day) that this behavior can be counted on to occur. Of course not everyone is going make changes every time and it won't be the only time changes occur, but it is the time most frequently one can count on changes to occur. I feel it's about twice a week, on Thursday afternoons and again on Monday. Early in the day.

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For years, conspiracy buffs have claimed that the major auto-makers, working closely with the oil industry,  have intentionally suppressed the development of fuel efficient vehicles.