Great news. Oil went below a $100 a barrel on Friday. We're rich.
That's how you're supposed to think now that the short-term top in crude has burst, and oil prices slumped nearly 15% in a week. Of course, it will be days -- if not weeks -- before any of that discount makes its way to the pump, but don't get bogged down in that. This is a celebration. A victory for consumers.
For the record, as your surly bear in all of this, I'm not buying into it, but that doesn't deflate the beliefs of people like Jim Paulsen, the chief investment strategist at Wells Capital Management. He points out that when you combine lower energy costs with lower household debt burdens and solid job growth, history shows that we Americans react accordingly.Read More »from Oil Is Down, but Let’s Not Go Shopping Yet