Chris' view
More then a few!
Sell Sell Sell !!!!!!

        No, not your classic car! If you are holding any oil futures you"d better dump them now!!! I've been thru about four of these oil price rises. In the past it was driven up due to a possible shortage. I remember in the early 70s when I was pumping gas at my dads Sunoco gas station, people were goin nuts. The line of cars waiting for gas was around the block and we had only had enough gas for a few hours a day.We went from pumping gas for 24 hours to just two. We had a magnetic sign we would post on the car at the end of the line,but people would take the sign and pass it back to other cars so the line would never end. I would have to stand at the end of the line to make sure no one would do that. This time its speculators that have driven the price were it is. There has been no real mention of any type of a shortage,as a matter of fact the Saudis have said they are going to raise their production another 200.000 barrels a day! Now what the oil producing countrys have realized is that all they have to do is just mention a few things like there may be a civil conflict coming or that never ending tropical storm brewing somewhere,(like we have never had those before).The other day one of them got mad because we are reacting to those tactics and said they may cut back on production, wammo! the price goes up. We are now dumping SUVs like they are the plague. Finding that we really dont need to make the trip to the store, buying Hybrids in records numbers.We are driving less.Our stock pile reserves have risen.The U.S. dept of energy said the rise over the last six weeks is over 800.000 barrels.Analysts had expected a drop of 1.1 million barrels! I dont know what kind of analyts they are but all you have to do is look around you now while driving, listen REAL hard to the news, and put two and two together to realize that the bottom is about to fall out. Have you noticed that the rise of price at the pump has slowed down compared to the rise per barrel as it had. Thats because the oil companys who tell their dealers what price to set also realize that it cant go on forever and its getting to be obvious. In washington this past week it was said that the price of oil would drop to around $2 a gallon within 30 days of passage of a law to limit speculation in energy markets, four energy analyts told Congress on Monday testifying to a House Energy and Commerse committie. Micheal Masters of Masters Capital management said the price of crude oil would drop closer to its marginal cost of around $65-$75 a barrel. Thats one of the things that pisses off the oil cartel. The #s of people who are taking public transprotation are going thru the roof and in a short while we are going into a normally slow season for gas consumption. These type of things happening is going to finally catch up to the oil market and it will drop like a Led Zepplin. I predict that within the next six months oil will be down to $100.00 a barrel. People are being inovators. I myself am working on a Hydrogen hybrid called the Mustang H.H.O. Its a carburated 83' V6 that has shown an increase of as much as 20% in gas mileage.As I tweak it more I expect to get closer to 35 to 40% when I'm done. I will post a section on my website about this project. So hang in there, those speculators are starting to cut their own throats. They screwed up the real estate market and look how far down the housing prices have'd dropped. Its the same old example of human greed.       www.mustangrestoration.net


2008-06-29 23:29:43 GMT
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