Gas Price Chicken-or-the-Egg
Once upon a time, I used to think that you forecasted oil stocks by watching prices at the pump: falling gas prices were bearish for the stocks; rising 
prices, bullish.
Now, I think it’s the reverse, i.e., to forecast prices at the pump, you watch the action in oil company stocks.
So, what are they doing now (notwithstanding easing gas prices since mid-May)?
Stocks like ExxonMobil, Chevron Texaco, and Occidental are all making new highs.
