All the same, we need off shore and ANWAR drilling, shale oil production, coal utilization, nuclear power generated electricity, and other alternative energy sources to freeze out the Arabs and Iranians.
Wait a year into an Obama administration and $200 will seem cheap.
We still need to drill now. We can’t let the Democrat party keep us dependent on terrorist oil. Keep the pressure on, hot and heavy. This is the one issue that the general public may start to understand.
OPEC thinks prices are too high. They do NOT like all talk in the US about tapping domestic supplies. They would like to see prices fall, and will run flat out until they do, big time.
They also need to discourage any financial modelers from showing a decent return on alternatives.
If you look at the idiots on Marketwatch.com on their forums, you’ll see them saying “if it broke the 120 support level, why did it immediately rally? It should have spiraled out of control to 110 or less if it broke that support level!”
I heard somewhere that if it broke 130, look for it to retreat to 100. Obviously, it wouldn’t happen over night, but the slide has been percipitous. It’s going to test these support levels quite a few times before it finally finds a balance. The point? What goes up, must come down, just the question is on the rate of decline.
but...but...but...PEAK OIL!!!!11!
"Those who don't learn the lessons of the past ..." and all that stuff. We've been here before, folks. This is nothing more than two steps forward, one step back. It won't last.
Please, PLEASE do NOT be fooled again!
A nuke on Ummad’n’imbad’s porch could cause one last spike.