Why Oil Will Keep Falling

YooHoo! Finance ^ | Monday, August 4, 2008, 12:00AM | Ben Stein

[rightinthemiddle]

I used to say the same thing about Qualcomm and AOL.

[thackney]

A whole lot more “R”s in this list than “D”s

http://www.opensecrets.org/indivs/search.php?name=Stein%2C+Ben&state=CA&zip=&employ=&cand=&all=Y&sort=D&capcode=cmkyk&submit=Submit

To me it looks like the only “D”s are ones that cannot get elected but would siphon off some votes from the real Challenger, like Nader and Franken.

[Cold Heat]

Yeah, that was the last time I got burnt, in 2000-2001.

It seems my luck is always in someone else's pocket.

[griswold3]

Me,too.

[delapaz]

As for me, I will never again short oil. I don't recommend that anyone does. Hmmm... Sounds like someone went long in oil ;-)

[Moonman62]

The price of oil in dollars was recently up by roughly 50% since the beginning of the year. In dollars, it was up roughly 100% recently compared to a year ago. Now, to be sure, much of that has been caused by the fall of the dollar in international markets.

Not a single politician, pub or donk, will mention the weak dollar. I wonder why.

[Cold Heat]

Stein has joined the Buffet chorus in regard to taxing the rich and income redistribution. This has become so popular that it is likely impossible to avoid, no matter who is president from now until the day it no longer matters.

[AnalogReigns]

I think Ben is like many thoughtful and traditionally politically moderate Jews today: They used to vote for Democrats (as it is a Jewish urban tradition, you know) but have voted for Republicans occasionally (or in Stein’s case, like he said, he worked for politically moderate Nixon) but now with the Left’s increasing anti-Semitism focused on Israel, and the Obamessiah, the Democrats are making them very nervous.

They PERCEIVE people they traditionally thought are bigots on the Right and in their gut feel they can’t go there, and yet the rising hostility on the Left makes them know for sure they cannot be there...so they don’t know where to go.

Clearly the lessons of the Holocaust are being quickly forgotten, especially on the world stage, and that truly is a frightening thing—for everyone.

[Cold Heat]

I double shorted with a ETF that dropped like a rock all the way to nothing in three weeks when oil hit 140+. The fund then closed and I had no time to recoup.

So it goes............I'm not quite recovered yet.....LOL....:-)

[y6162]

“I think Ben is like many thoughtful and traditionally politically moderate Jews today”

This doesn’t sound like the Stein I been reading for 30 yrs.

I’m telling ya, he hasn’t been acting like himself.

[tcostell]

Thats’ right it is. Just because a price goes up and then it goes down doesn’t mean it’s a bubble.

[Old Professer]

I take back all those hateful things I said about Ben having lost his marbles over his ‘darling boy’s’ absolute possession of his good common sense and his dalliance with the charms of and fascination with Hollywood these past 12 years; the old boy has finally come to his senses at last.

[DManA]

He contributed to Franken. That makes if personal.

[Cold Heat]

There are some who have spoken to the problem, and the Fed did try to raise the dollar, but they were slapped back by the European Union regulators. (They raised rates when they should have held firm,to spite us) Now they are paying the piper for that and the dollar is strengthening against their failing economy.

We are caught in a trick bag, as we cannot yet raise rates because of the credit crisis in housing and now all credit.

Hopefully, this will moderate by years end and there will be more stability, but frankly speaking, if the dollar had not fallen, out exports would not have been able to hold up what is left of our economy and we would indeed be in a serious recession.

[mvpel]

How about this: All the “liberals” in New York, Connecticut, Massachusetts, New Jersey, Rhode Island, Maine, Vermont and New Hampshire could STOP burning nasty old heating oil? Oil furnaces and boilers are by far the majority of heating systems in NE and they use 80% of the heating oil in those liberal states.

It's kind of hard to shell out the cash for a new furnace or a few thousand feet of natural gas line underneath the street when you're presently stuck paying $500 for a two-week supply of heating oil.

[the invisib1e hand]

Oil is an interesting issue when taken in light of the history of salt.

[rightinthemiddle]

Conservatives can use heating oil. They’re not hypocrites about it. :-)

[mysterio]

Sure it is. Oil based fuels are more than 95 percent of the transportation market. Even people who don't have a car buy oil daily in the price of everything transported. I have a daily choice : buy oil or lose my job.

Give oil a competitor and watch the price sink back down to a realistic level.

[Alberta's Child]

Oil is "only" up very roughly 15% in euros, which might make for a cleaner comparison with the past.

Very important point. I've said here on any number of occasions that "rising energy costs" are primarily a currency problem, not an "energy" problem.

[Old Professer]

Ben went off to college with all the charisma of a hall monitor and the heart of an accountant in search of the perfect econometric; inspired by his father (who was a bigshot economist himself in the employ of one Richard Milhous Nixon) Ben aced his way through all the tough stuff while failing in all the social graces and appeared in full bloom the spitting image of his father before him except for a burning desire to be one of the ‘in crowd,’ to this day the two (or is it three) Steins are at war with the nuts, the bolts and the loose screws that make up the parts bin of politics...

He’s an old horny wolf in a bulging Basset Hound’s baggy body.

But lovable.