After the ABC Consumer Comfort index yesterday plunged to 2011 lows (stunning we know: don't these ungrateful, unwashed discontents not realize the Russell 2000 is about to take out the Fed's 36,000 limit order) due to surging gasoline prices, today we see precisely what this means from a simple supply/demand perspective. According to just released DOE data, total gasoline inventory has just hit what is virtually an all time high... and certainly the highest since 1990. Surely, this is bullish or something. It is certainly refreshing to see that at least the key equation of economics, that surging price results in plunging demand, has still not been LBOed by Bernankestein.
Gasoline Inventories Jump To 20 Year High As Gas Price Surges
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