Did you notice? In early May the price of WT1 crude oil surpassed $70 per barrel for the first time since November 2014. While the mainstream media picked up on the momentous occasion, industry analysts seemed too caught up in the waning days of earnings season to pay much mind to the accelerating momentum of oil. For Pete's sake, oil's at $70. Finally. This is extraordinary news, right? Harken back to a year ago when WTI lingered in the $40s, trying desperately to cross that all-important $50 mark, a seemingly minimum price floor to awaken the industry from its self-induced coma it had placed itself in during the dark days of the prolonged downturn. The sentiment was that $60 again would be really great, but Lord, we can make a living at $55. Just promise us $55.
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