Cheap, clean energy and cheap safe food are keys to the US economy to allow for retail activity and actually obtaining that American dream and raising a couple of kids. The last on the list that benefits is the gov's tax revenue's.
.Keep 'em busy with good data (whatever your job is/was up there) as to expand our refining capabilities.
I have no problems with the recent record profits of big oil. One of my 401-K mutuals was 15% invested into big oil and that helped offset the other with weighted to financials (it got dumped this past summer).
They deserve their own working capital to reinvest into their livelihoods. In the long run, it helps this country and in turn the global economy. We just need a down turn in the price per barrel as to offset the good possibility of a severe recession. US oil companies were raped under Klintoon. Food will come down if gas and diesel come down to pre-Katrina levels, even if for 6 months.
The committment of traders shows the big funds have deserted crude in January. There were 94,000 contracts reported in the first week of Jan. 29,000 at the end of Jan. The Stork Report suggests crude might fall into the upper $60s.