Happy Birthday U.S. Marine Corps!
I still think of that Liberation Day party that the Guam Association of Utah celebrated at Roy in 2004. Somehow they found and invited five Marines who had participated in the liberation of Guam in July 1944, one of whom had been shot through the neck by a Japanese sniper. The Guam Association also invited a Marine who was a member of the pre-war garrison who surrendered to the Japanese Imperial forces on December 10, 1941, and spent the war in a prison camp. Honoring these octogenarians for their service of sixty years earlier was an incredible experience that more than matched watching the Marines marching at all those Liberation Day parades on Guam over the years.
The Administration may deny it but QE2 is inflationary and the results are already apparent. Today's crude settlement price was the highest since October 2008. The initial explanation is the draw on crude and product inventories was greater than expected. The real action is in the currency markets and the dollar's fall is causing the opposite reaction for oil. It should be noted that although refinery utilization is up slightly, it is still at only 82.4. Meanwhile imports are down significantly while demand is rising but mostly for distillate. Seasonal demand growth for distillate is expected as winter approaches.
Today, crude +$1.03, $87.69; gasoline +4.8¢, $2.231; distillate 2.84¢, $2.439.
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