The crude oil market was extremely jagged today, spiking after Ben Bernanke and the Federal Reserve applied more pressure on the throttle, injecting yet more money into the economy. With interest rates expected to stay at extreme lows for the foreseeable future, and monthly purchases of mortgage-backed securities to the tune of $40 billion, GDP growth should sprout through increased spending, increased inflation, or both. The announcement, plus the troubles in the Middle East and North Africa, pushed both the international and WTI crude prices higher, but the increase could not deter the strong run that oil refiners have been riding the past three months.
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Austin Smith has no positions in the stocks mentioned above. Joel South has no positions in the stocks mentioned above. The Motley Fool owns shares of Western Refining. Motley Fool newsletter services recommend HollyFrontier. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.