Another example of economic short-term memory.

Crude prices are continuing upward, as today Nymex Crude closed just shy of $90 per barrel. But in contrast to previous spikes, we’re not hearing the political sounding board in Washington cry for windfall profits taxes, and the talking heads are not aghast with news of gasoline shortages…

Oil is up 8% just in the few weeks since the Fed cut interest rates to bail us out of the credit crisis, and in the process fueled one of the strongest commodities (pardon the pun) we’ve seen in a long time as the thought of a higher inflation rate suddenly improved.

I find it interesting that even as crude oil is setting new records, gasoline prices have yet to follow suit.

Perhaps this is why no one really cares about the price of oil right not…

Just wait.

Oil & Gas commodities, crude chart, crude oil, gasoline, oil prices, WTIC