With stocks soaring on the heels of oil’s miraculous resurrection, the new normal narrative appears to be that higher oil prices are now “unequivocally good.” However, one glance at the following two charts and it’s clear Main Street feels anything like ebulient about the state of the oil industry in America…
As oil rig counts have plunged and oil prices have risen, so gas prices at the pump for the average joe have soared over 30% – the biggest spike since 2009 – which appears to have stymied any remaining confidence among American consumers…
And this does not help as rig counts collapse – ‘unequivocally good’ for oil prices and therefore bullish for Wall Street banks and CNBC anchors – so jobs have started to disappear at an accelerating pace…
So: lower rig count, higher oil price, higher joblessness – bad for Main Street, good for Wall Street. Who are you cheering for?
Charts: Bloomberg
The post Main Street Suffers As Wall Street Cheers Oil Rig Count Declines appeared first on crude-oil.top.