Excuse me while I vent about the oil market today
Friday 06 Jun 2008 | Posted By Patrick | Predictions
OK. Its official. I’m furious about this oil market and the way speculators are fueling the market. Morgan Stanley predicted $150 by July 4. THATS THE MAJOR FACTOR pushing prices higher. Sure jobless claims went up, meaning possibly lower demand, and the Dollar stumbled, but honestly, the market is up WHY? We aren’t attacking Iran, we aren’t having higher demand, etc! Its so unbelievably infuriating to me I just had to vent. I just want to tell Morgan Stanley AND Goldman Sachs to stop being so unreasonable. Their forecasting is a HUGE conflict of interest.
Should I predict $5 oil? Would that make prices drop $100?
This oil market right now is so ridiculous. NO REFINERY OR DEMAND NEWS other than demand is WAY down, and the market is WAY up based SOLELY ON A PREDICTION.
Having said that, we’ve seen a 17 cent drop Wednesday, a 15 cent hike Thursday, and today we’re at another 18 cent hike. Before today, I would have predicted $4.19, but with today’s unreasonable gain, expect $4.35-$4.39. Stations will likely try to raise prices before Speedway does across the board. We may see Speedway raise this afternoon. This for them is likely an emergency situation. They elected NOT to raise prices today, but after the market closes today, unless they raise prices, they’ll likely be losing 20-40 cents per gallon.
Fill up and let your Government Representatives know that you’re upset about today’s situation.
Patrick
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I couldn’t have said it better Patrick. Un-freakin-believable. Purely speculation. Nothing else. No supply/demand numbers, no shortages, refinery outages, nothing.
If I can help Patrick say it loud and clear, here’s to everyone reading this.
Fill up your gas tank on Sunday night or very early Monday morning. If everyone in the entire country does this, you’ll not only save yourself some money (as usual), but stick it to this absolutely LUDICROUS speculation crap. (Semi-vent)
I keep thinking that this is a stupid time for the speculators to be playing games, since Congress is finally investigating if they are really as big of a problem as everyone has been telling them for years. It seems like the smart thing would be for them to lie low and let the investigation go away.
It’s sort of humorus that prices are crashing back down today. What changed over the weekend?
Quiznut1: Everyone rushing out and filling up doesn’t hurt the speculators. It only hurts the station owners that are stuck with higher priced inventory while they wait for retail prices to go up.
In fact, if there was ever a day that the whole country paniced and filled their tanks, it would actually make tons of money for the speculators. It would cause massive supply shortages all over the country that would take weeks to get back to normal. A shortage like that would easily result in oil prices raising an extra $10 a barrel.