U.S. weekly inventory report shows fuel stock rise sharply… Year-on-year rise in U.S. gasoline purchases- Mastercard… Russia says OPEC to make “significant cuts”

U.S. government says world oil demand will shrink this year and next… OPEC expected to agree output cut next week…

In the energy market Friday, oil prices were sharply higher, with crude for January delivery closing at $54.44/barrel, up $3.67. January reformulated gasoline rose nearly 8 cents, to $1.2008/gallon.

In the energy market Tuesday, oil prices plummeted, with crude for January delivery closing at $50.77/barrel, down $3.73. December reformulated gasoline lost 2.25 cents, to $1.12/gallon, on its final day as front-month contract.

Quote of the Week 1: “He was born to be a senator. He never said anything important, and he always said it sonorously.” – Sinclair Lewis, Elmer Gantry

Quote of the Week 2: “Why reasonable people go stark raving mad when anything involving a Negro comes up, is something I don’t pretend to understand.” – Harper Lee, To Kill a Mockingbird

In 2000, investors thought the world was a “different” place. “You have to value Internet companies differently,” people would say. “Ignore the triple-digit P/E… That is an obsolete way to value a company.”

It has taken three straight years of declining profit for General Motors Corp. (GM) to realize it is no longer on the cutting edge of the world’s automotive market.

In the energy market Thursday, crude for July delivery retreated, closing at $126.62/barrel, down $4.41. June reformulated gasoline lost 5 cents, to $3.40/gallon.

Those Nasty Index Speculators. Is Correlation Causation? Where Are All the Tankers? Where Will Oil Prices Go? Is it 1980 All Over Again? The Middle East, California, and Help for Myanmar.

In the energy market Wednesday, crude for June delivery continued on its rocket trajectory to a new closing record, finishing at $123.53/barrel, up $1.69, after an intraday peak of $123.75.