Because greater fuel economy for cars is toxic for the oil industry.
But look how the bonds got manipulated up 24% in one minute at the close.
With perfect timing as the new government embarks on restructuring Mexico’s oil industry.
Up to 16 nuclear power plants for civilian purposes? Really?
Fueled by cheap money and by dashed hopes of high oil prices.
If you blinked, you missed it.
For investors there is little clarity through the smoke and haze.
Whiff of short-term capitulation. But crude oil fundamentals not promising.
Now even growth engines China and India.
The hail of two-notch downgrades doesn’t help.