Qantas, which spends $2 billion a year on fuel, is going to mothball 5% of it's flights. Two weeks ago, American Air cut routes; today Jet Blue announces that they are delaying the delivery of new planes. Truck drivers are stopping traffic in Europe, and Prime Minister Brown is meeting with oil executives trying to find ways to stop the "crisis."
Today we have the Exxon shareholder meeting, and the trust fund Rockefellers will be protesting and clamoring for green initiatives for the world's largest oil company.
Indonesia says it is going to pull out of OPEC because OPEC's interests are different from theirs. When it's government subsidizes gas prices to the tune of $20 billion a year, and you are just a marginal producer, pulling out of OPEC is a nice symbolic gesture for it's citizens who are protesting higher fuel prices.
The stock market can't get scared by financial losses from banks, and it isn't spooked by housing anymore. The only bugaboo that spooks the market now is higher oil prices. So the oil bulls have to get hit, so the stock bulls can buy.
When Oil makes this many headlines, you know it's time for a pullback.
That's Wall Street's new script. And they will follow it.
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