Oil prices fell back, at one point dipping below $129. Gas prices rose to a new record for the 22nd consecutive day, putting the national average at $3.952. United States Oil (USO) is down in early trading, while United States Gasoline (UGA) is holding steady. Oil and gas company ETFs such as the iShares Dow Jones US Oil & Gas Exploration Index (IEO) are also down early today.
Read the disclaimer, as Tom Lydon is a board member of Rydex Funds.