Energy Spring

With the start of Spring, isn't it interesting to see energy spring from its recent consolidation zone. Of course, this is not just a seasonal blip. Anyone that has noticed the relative strength in the refiners (see WNR, TSO, GLP, HOC) and/or has monitored the crack spread knows that gasoline prices are headed substantially higher in the weeks ahead no matter what is going on with Iran.

What will higher gas prices mean to the consumer and the economy? Like usual, expect the bulls to stand by the assumption that it won't hurt. Just add it to the list of other problems like the recession in the housing market, subprime meltdown, inflation/stagflation, and whatever else you can imagine.