At 9:00 a.m. ET futures are moderately lower and the price of oil per barrel continues to descend. The market is poised to open lower.
Well, this a brave new world - the price of oil is hovering around $58 per barrel. I think I'll buy a few barrels as holiday gifts. Seriously, oil is so cheap I expect to see a major comeback of the V8 engine spewing extra heavy exhaust fumes. If I was a joke writer I'd come up with a series of jokes. They'd all start with - "Oil is so cheap that..." It's finding the punchline part that's tricky. When it gets down to around $2 per barrel then we're going to have some real fun...
CNN: Stocks: 5 things to know before the open
Oil prices are continuing their downward trajectory, with U.S. crude futures dipping below $59 per barrel.
2 comments:
Cheap oil is not what the Dr. ordered with the planet running a carbon induced fever. The Saudis though wouldn't care it seems if everyone else's country looks like their's it seems ( an empty desert.) Maybe, they just hate us because it rains here? Whatever, they've in the short decided to try and crush all the alternative ways to produce energy and it seems if that means driving the price down to below $50 a barrel and holding it there for a few yrs. so be it. Its a very high stakes poker game these robed tyrants are playing.
They are not only crushing alternatives, they are crushing countries. I think Russia is probably on the verge of sending off a missile or something similarly provocative. The world economy is being severely jostled tight now, this is reminiscent of 2007 but in some ways worse especially since it has become so abundantly clear that CO2 must stop now. You are correct in stating that we want to have prohibitively high oil prices.
Post a Comment