well if oil does go to $20 again... I am putting every spare dime I got into oil futures.
Even a freshman trader could win that bet.
And when I win the lottery, I am going to buy all the tickets to the next draw
If a oil goes down to $20 a barrel then Obama, Pelosi and Reid will raise the gas tax 200%. The will not allow the price for a gallon of gas go much below $1.75. They need the high price to pay for their wet dream green technology.
No joke. It cost way more than that to get it out of the ground.
Granted, we are stymied at every turn, but there is still a chunk of the US economy related directly to drilling for oil right here in the US.
Oil revenues (royalty, taxes) help keep the state in the black, as well as provide the basis for a great deal of spinoff employment.
$20.00 would stop Bakken Drilling, and other horizontal drilling projects almost overnight, and would shut down developing energy projects from pipelines to alternative sources as well.
As for tax dollars funding the alternative energy projects, the money to print the money has to come from somewhere.
Keep in mind that 1999 led to the runup to 147.00/bbl, and each successive runup in price finds a higher floor later as more infrastructure projects get scuttled, drilling shuts down, wells deplete, and experienced people say goodbye to 24/7/365 all-weather work environments with no real job security and leave for something more stable and with better benefits.
Well, it's people like you that gave us $150 bbl oil in the first place, Mr. Evil Speculator!
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Wife had an uncle who lived in Oyster Bay, Long Island.
Had lots of money and brains.
Back in 1979 he bought a whole bunch of 500 gallon oil drums and had them installed in his basement and filled them with 37 cent heating oil.
25 years later he was still heating his home with 37 cent heating oil.
Said he saved LOTs by not putting the money in the bank.