Skip to comments.Lehman Bros. Report: Oil Bust in the Cards
Posted on 05/11/2008 4:38:50 PM PDT by TennTuxedo
Is $120 oil even real? Not if you ask the Saudis, or even Lehman Bros. The investment banks oil expert said this week that the oil boom is due to bust. Economic growth across the globe will slow just as new refineries kick in, raising supply.
(Excerpt) Read more at moneynews.newsmax.com ...
My Exxon Mobil stock has been flat to down for the last 6 monts. See they are paying more for oil and then not able to pass along the full refining costs. Their "record" profits amount to 10 cents on the dollar.
Maybe the money is to be made in the exploration and development stocks.
When the dollar is devalued 100:1
I've not read much lately.....
Oil was worthless before, it will be worthless again.
We need to build a lot more nuke plants
You my FRiend have explained why I shorted these via DUG.
Oil took a dip today. DUG not quite so much yet. Either it is a crappy vehicle for shorting, or it is merely lagging oil prices along with the oil stocks.
Wish I had shorted USO - a more pure short for crude. It was down 2% today (or the short would be up 2%) with oil.
DUG, the fancy 2X Oil Services short (including Exxon) ETF was only up 0.54%.
The dollar has lost about half of its value against the Euro. At those rates, oil is in the $60/barrel range, which is high, but not that far out of line.
Well, maybe there is.
I was in Dublin TX on Saturday. I pass through on the way to Mom’s occasionally(mother’s day and such). Pull in the “regular” gas station, and the pumps are covered over. Price was 3.59. Oh brother, I think we have a gas shortage. But no, there is a new gas mega station “ALLSUP’S” just opened. $3.49 and everybody is there.
The overrated price on oil is a speculators dream come true.