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Wednesday, July 9, 2008

Oil Bubble to Finally Burst?



Oil has continued to slide in recent days and is back down to the $136 level today. It seemed just two weeks ago the it was going to be "$150 or Bust."

I know for us and across the internet I see more and more tlking obut how they have had to cut back, how small town especially are getting decimated, and how Congress is being beat up up pretty badly for letting this gett so out of control.

Could this be the, not the end of historically high oil/gas price. Not so sure, but to rip off Churchill...I hope it is at least the End of the Beginning!

If this has been an investor bubble, which I believe, oil would over-correct ala the houseing market. Regardless it is going to be a wild ride as no political office holder want to be running with $5 Gas hanging over their heads.

It is going to get interesting...

2 Comments:

cath said...

I'm glad to hear this Racer - oil prices have been crippling all of us.

Did you read about some of these companies who've invested short term in oil, hoping for another price rise so they can make a quick buck and offset what they've lost due to the price of fuel going up?

They must be idiots. Everyone knows that just because you lose money from one source, doesn't mean it's a smart idea to make it back the same way.

RacerX said...

Hey Cath!

Yeah...a lot of weird investment stuff in oil is happening. Think of every bubble and after the crash, as the rats leave the ship, a better view of the story comes out.

Meanwhile this really hurting people and I hope it crashes soon.

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