Posted on 09/16/2006 5:56:55 PM PDT by Chi-townChief
WASHINGTON The recent sharp drop in the global price of crude oil could mark the start of a massive sell-off that returns gasoline prices to lows not seen since the late 1990s perhaps as low as $1.15 a gallon.
"All the hurricane flags are flying" in oil markets, said Philip Verleger, a noted energy consultant who was a lone voice several years ago in warning that oil prices would soar. Now, he says, they appear to be poised for a dramatic plunge.
Crude-oil prices have fallen about $14, or roughly 17 percent, from their July 14 peak of $78.40. After falling seven straight days, they rose slightly Wednesday in trading on the New York Mercantile Exchange, to $63.97, partly in reaction to a government report showing fuel inventories a bit lower than expected. But the overall price drop is expected to continue, and prices could fall much more in the weeks and months ahead.
(Excerpt) Read more at seattletimes.nwsource.com ...
Howard Dean is deeply saddened...
So, they will return to normal. Guess Soros and the gang have moved on to new areas.
The price of gas will be up after the first of the year. Probably about $5.00/gallon. So hang on to those stocks.
A September surprise? Pure genius!
Then one of my fondest wishes will have come true ...
Maybe we should start building more lampposts. And throw ropes over them. And stand rickety ladders up under them. You know, anything to make it easy. Don't want anything to stand in the way of ridding the earth of these vermin.
Just when it hits bottom, it's time to invest again. When gold does the same thing in the next few years it's time to gobble it up too.
By the time the ads proclaim great profits are to be made it's usually over. Timing is everyting.
Good speculators can make money shorting the market also. You gonna hang those guys also?
That won't hurt my feelings any.
Central New York is still around $2.89.
Naw, it was $2.629 at Sam's club in Roseville next to Sacramento, CA yesterday.
Learn to short. Stocks always go down faster than they go up.
Amen!
I'm not going to hang anyone. I'm looking at this as a do-it-yourself project.
But do I hope the short traders dance on air too? You bet.
There is no form of life lower than someone who profits from the misery of others. Every dime these parasites make is a dime someone else loses. And they bring nothing to the table. They don't make anything. They don't process anything. They don't add anything. They just suck the life out of the body as it goes about its business.
They are worse than tapeworms.
I guess this changes some plans that Iran and Russia had.
It was a bleak day for capitalism, and further proof that supply and demand were not the only, or even the primary, forces driving the price of fuel.
Yep... Greenspan testified that prices were decoupled from supply and demand a while back. This heist will make Enron look like peanuts. The folks who are celebrating now don't even realize they are still paying a hefty fear premium.
....well that is not how it works being in the industry.. They can make as much on the downward trend as on the up.. Speculation goes both ways.......
good to hear. the angelides group are running anti-bush/schwarzenegger ads and the price of gas is one of their points of interest...
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