The Energy Information Agency shocked the market by reporting that U.S. Crude supply increased by 6.7 million barrels putting supply at the highest level in 82 years. So much for that uptick in gasoline demand.
In the past when OPEC’s back has been against the wall, like the late-1990s, energy prices and demand rebounded to save them from the ash heap of history. Yet this time may be different. Why? Because OPEC is not the only game in town!
President Obama's choice of Ernest Moniz to lead the Department of Energy may be a signal to the gas market that indeed the U.S. will start along a path of sharing our natural gas abundance with the world and start exporting it.