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Last Thursday, China roiled the oil market, announcing it would raise gas and diesel prices by about 46 cents per gallon in order to reduce demand. In a matter of minutes, oil prices skidded lower.

Before you knew it, America’s TV news and finance channels were all over the story. They asked the burning question, “Will higher prices and lower demand in China kill this great bull market in oil?” And they presented a seemingly endless parade of oil bears and stock bulls who almost unanimously proclaimed that oil prices were about to crater.

I just drove to Orlando, Florida and back ??? Ouch! My aching wallet! And my little Honda CRV averaged 26.5 miles per gallon on the trip, so my pain from paying for expensive gasoline wasn’t nearly as bad as a lot of people on the road … especially those drivers in Suburbans, Expeditions and Navigators who passed me like I was standing still.

Today, I have good news and bad news. The pain at the pump is probably going to get a lot worse. In fact, if you think gas prices are rising quickly now, the move this summer could seem practically supersonic.

Filed under: Analyst reports, International Business Machines (IBM), Analyst initiations, Broadcom Corp'A' (BRCM)

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