Reply #2: .15/gal. drop here... [View All]

[Chan790]

$4.36 to $4.21. You'll see more drops too...oil closed below $130 a barrel today to $129. It's expected to hard bear for a while...even OPECs analysts said the proper price was just over $80/bl less than a month ago. Knowing they inflate their projection numbers...the price of a barrel of oil, if it corrects down to its' actual value might go into the $70s. That would erase all 2008 gains and probably start bankrupting oil companies.

Meanwhile the peak-oil people look like loonies...again. Hopefully, people are smart and the market remains in small efficient cars. I'm a realist however and expect Hummer sales to be popping come September.

The speculators are jumping ship and the people taking the hit are the investors, particularly those who have pensions and 401Ks invested heavily in energy markets and commodities.

Once again...I think we should ban petroleum from the NYMEX. Speculation and speculators should not be allowed to cripple the economy. Fuckwads. Going up...we got fucked. Coming down...we'll get fucked. And President Oil-man gets rich in both directions.