A major British refinery processing about 700 000 barrels of oil a day or 40% of British output is on strike. This will negate any positive impact from Bush’s cash presents. Already jittery traders will take this opportunity to sell on the Wall Street at the first strike of the bell. Really this comes at a worse time negating the effects that Bush hopes to achieve in giving out the cash. The net effect would be new highs for gas as well as heightened fears over inflation making it a tough decision for the Fed rate cutting exercises.
British Refinery Strikes
By Finance in British Refinery Strikes
Apr
27