Editor’s Note: It’s all about oil. The black goo is the only indicator right now, says Jeff Clark. When oil hits a short-term top, expect to see a new bottom for stocks…

In the energy market Wednesday, crude for August delivery jumped again, setting yet another alltime closing high at $143.57 up $2.60. July reformulated gasoline tacked on 3.6 cents, to $3.5494/gallon. The action came as the Energy Information Administration, in its weekly inventory report, said that crude stockpiles declined by 2 million barrels for the week ended June 27.

Editor’s Note: It seems energy is on the tip of everyone’s tongue again today. If it’s not the debate about where oil prices are heading next, it’s fresh concern over our long-term energy future. Byron King’s energy insider says we cannot lose anymore time in developing a plan for future power supplies. Whether its finding new oil reserves or shifting dependence to alternative sources, it will take decades to realise. Without a clear energy policy now, it will take longer. And by this time, it could be too late…

Editor’s Note: Crude oil prices are still above $140 a barrel, and King Abdullah of Saudi Arabia has told us all to get used to high prices. But Mike Burnick — senior analyst at The Sovereign Society — says the black goo is ‘pretty cheap.’ When you compare it to other products consumed heavily by Americans, oil actually seems pretty good value.

In the energy market Monday, crude for August delivery retreated from a new all time high of $143.67 in electronic trading, to close at $140.00/barrel, down 21 cents from Friday. July reformulated gasoline was unchanged at $3.5015/gallon.