Light Crude Oil

More like 60%. In 4 months. Staggering.

It's going to drop alot more. Watch.

I've got a feeling gas will be less than $1.

 

Yeah, I realized that after I put up the post.

The bad news is that while gas is going down everyone who was raising their prices because of "gas prices" have not brought their prices back down accordingly. I knew that was going to happen. Now they can make bigger profits.

 

LOL.

http://news.bbc.co.uk/2/hi/business/644028.stm

Be sure to note the date.

So - If the S&P is at 1997 levels ( I guess I should've put all my money in a mattress - seriously - feeling more than a little humble over here ), it doesn't seem unreasonable that oil will tumble well below the unreasonable price of $30.

Amazing times.

 

Looks like the last eleven years never happened.

Currently the thinking is gas levels off at $30/$35 a barrel. The people who guess at this shit say when the strong dollar bubble bursts we go off the cliff. The world has learned not to lend the US any more money. I may trade in my dollars for gold soon.

 

so I don't criticize the ideals of adding to the national reserves when we did, but why not now? Stabilizes prices, it's a fuckload cheaper, what else?

 

That's the way it's been forever and ever. They are making up for the smaller margins they made when it went up. This is nothing new.

 

Oh I understand, but it didn't have to happen. Speculators drove up all of those prices when they drove up the price of a barrel of oil.

I can't remember where I read or heard it but speculators were moving paper on an additional 87.5 million barrels of oil a day before the bottom fell out. That was like adding another major industrialized nation to the planet all of the sudden, no wonder oil was $147.00 a barrel. Why do you think Saudi Arabia was saying there was plenty of oil on the market, they knew what was going on. Believe it or not, I don't really care, just say'n.

 

This is exactly when you should be adding to it.

 

So it was all working so well that they all just decided to stop making money?

Yep, that makes all the sense in the world.

 

I'm talking about everything else other than the oil and gas industry. They had to raise their prices and now are slow to lower them to make up for their previous tight margins. I don't blame them, if they didn't the stock market would be even worse off.