tartempion Posted July 18, 2008 Report Share Posted July 18, 2008 These idiots speculators ruined it. First with mortgages then with oil. Although the black gold price is falling it will take several years for the world to recover. I believe the bear is only beginning. Fasten your seatbelt Some bullshit as usual from news reporters and incompetent professionals: Oil prices tumbled for the third straight day Thursday, taking the cost of crude below $130 a barrel for the first time in six weeks and signaling a possible end to a bull run that seemed intent on hitting $150 this summer. Although no one would rule out an abrupt reversal like those that followed other dips in recent months, several oil analysts suggested that oil prices could continue to slide. "The psychology is changing," said Michael Lynch, president of Strategic Energy & Economic Research, a Winchester, Mass.-based consulting firm. "What we're seeing right now is people starting to think that the weak economy is going to start overriding concerns about supply." Consumption of gasoline and many other oil byproducts has subsided, putting inventories at unusually high levels for the middle of the U.S. driving season. That is now overriding worries about the worldwide tightness in oil supplies, new problems with Nigerian crude production and a host of geopolitical wild cards, Lynch and others said. Link to comment Share on other sites More sharing options...
Old Hippie Posted July 18, 2008 Report Share Posted July 18, 2008 In other words, the speculators bet the price would dip, so it did, and they made lots of money...AGAIN. Link to comment Share on other sites More sharing options...
Faustian Posted July 18, 2008 Report Share Posted July 18, 2008 Yep, a lot of folks have made a buttload of money out of this inflated bullshit. 130...a real bargain.... Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted July 18, 2008 Report Share Posted July 18, 2008 Which will we see fsll next: a major airline or an auto manufacturer? And how much money will the top executives walk away with in their big bags? Link to comment Share on other sites More sharing options...
Faustian Posted July 18, 2008 Report Share Posted July 18, 2008 Airlines are a good choice I think...although they've pushed up prices a lot (will be interesting to see if they reduce them, once oil has gone down further). Link to comment Share on other sites More sharing options...
tartempion Posted July 21, 2008 Author Report Share Posted July 21, 2008 just saw news that supermarket chains Lions and Carrefour had to re-adjust 2008 earnings on the lower side due to reduced customer spending on food. Subsequently shares have dropped. But nobody cares, yet.... Link to comment Share on other sites More sharing options...
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