Wednesday, October 12, 2005

Bet that Oil falls further

The US Weather Service is reporting that they think this will be a milder the normal winter. After dealing with the freaking frozen tundra that is Upstate New York in the winter, I'll take a temperate North Carolina winter any time. That fact that it will be even milder is great.

I can grow fresh basil year 'round. Yahoo.

But crude oil, prices, which have been manipulated upward since shortly before the election last year, are at unsustainable levels. Demand is down across the US and, if the weather geeks are right and we do get a mild winter, it will fall further.

Oh, you greedheads at $70. You deserve to lose your shirt. Six month target: high $40s to low $50s or about a 25% to 35% pull back from the highs. Don't sell that Hummer H2 yet.

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