Bloomberg.com: U.S.

Bloomberg.com: U.S.: "Pascagoula"

The Pascagoula refinery will reopen weeks faster than earlier projections, imports of gasoline and other fuels has jumped 26 percent and gas stations report sluggish demand. As expected, the price is falling.

Investors who have piled into energy stocks are getting slammed. Airline stocks lifted off on the news.

Over the next few weeks, the word recession is going to be used quite often. My forcast is for a strong economy but the word is going to be used. The public is spooked. According to the Rasmussen poll, public sentiment is dropping like a stone. Right now, the numbers are in the ball park of where they were the month after 9-11!

Next week, there will be much concern expressed about the vote for the Iraq constitution. It is hard to tell if the doom and gloomers have a point about a negative vote. I think this might be the best news. The Sunnis may need to win this vote to feel they have a stake in the new government.

Oil down, air up, and Iraq up in the air.