The "Oil Prices" thread.

[Blue_Eyed_Devil]

@JayS

Not likely. Drilling = long term. Yes, it’s part of the solution, but even if Congress would have joined Bush and said “lets start drilling today”, which they didn’t, new oil is 5 years out. The possibility of some new oil 5 years from now doesn’t change the market $11 in 2 days.

The price dropped because our supplies are up (oil, gas and distilates), tension with Iran are down, and with the bleak economic outlook they expect US demand to drop.

That last one has me on edge. All this doomsday stuff came from Freddie/Fannie and IndyMac. Freddie/Fannie had all that trouble because some jackass leaked a government report showing the government was making plans in case Freddie/Fannie went bust. Everyone panicked and read that as “Freddie/Fannie are going to go bust”, and all the lemmings jumped off the cliff. Now people are realizing that making these plans is what responsible governments do, even when they don’t think it’s likely to happen. Freddie and Fannie stock is coming back as the lemmings that survived the fall climb back up the cliff.

IndyMac’s crash was one part getting sucked into the bank panic, and it would appear from the FBI investigation, one part internal fraud.

So if the market really isn’t that bad, how long before the speculators jump back into oil when they speculate our demand isn’t going to drop that much?

Ok, I was just parroting Mitch McConnell.
I will tell him you said he was wrong.
JayS 2008!!!