Wednesday, October 08, 2008

Oil Is Going Down

The two best things in the world are oil prices and your significant other going down. A rather crude and oily way of putting it don't you think? I have no information on your significant other (any volunteers?), but I do have some news about oil prices.

NEW YORK (AP) — Oil prices swung higher Tuesday, snapping a four-day plunge as investors temporarily halted their frantic selling to see whether the government's sweeping economic bailout can stem a widening global downturn.

Light, sweet crude for November delivery rose $2.25 to settle at $90.06 a barrel on the New York Mercantile Exchange, after earlier trading as high as $93.02.

Prices had lost nearly $13 in the past four trading sessions as a widening economic crisis spreads overseas and undercuts energy demand forecasts.

Despite Tuesday's modest advance, analysts said crude's fundamentals suggest prices are headed lower.

"We've just seen a huge shift in sentiment where the focus isn't on supply anymore. It's on demand, and that demand continues to weaken," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.
Galena, Illinois has the home of General Grant. It is a wonderful place to visit. Especially when the black smith shop is in operation. The smithy once gave me a hammered iron Estes Rocket launcher. I had taken the kids to his shop and he found out they were into model rockets at the time and insisted I take it as his kids were no longer using it.

Well any way it looks like the world is going to take an economic breather and efficiency will be improved. We haven't had a really good general trimback in a couple of decades. And lower oil prices are the foundation of the next rise.

It will set the stage for the next run at prosperity.

2 comments:

99% said...

...and so is the McCain/Palin ticket....

99% said...

Looks like McCain thinks he's back at the Hanoi Hilton.

Next up: "We're gonna take that pillbox, charge the gates, and bust the hell outta here!!"