Boy, was I WRONG.

Comment on Monday’s prediction:  Spectacularly WRONG!

Friday, November 21, 2008, 3:00 PM:  As I’ve indicated the past few months, I think the dramatic decline in energy prices is tied closely to the collapse of some our financial institutions, and this is also being reflected in the stock market.  I have to say, though, that I thought the worst of the collapse was over in October.  Since Election Day, stocks have fallen around 25%, oil has dropped about 28%, and NYMEX gasoline futures more than 30%.  I actually saw the front-month NYMEX price under $1 a gallon yesterday.  So, other than the lame attempt at a price hike last week, there has been no hints of one since September.  Remember 10 weeks ago when gas was $4.25 a gallon?  Based on today’s trading, we are looking at a zero-cent margin price around $1.55, and with prices in the $1.68-$1.89 range, we still have room to fall.

If the stock market stabilizes, then the energy markets will, too, and retail prices will stop falling.  Until then, no price hikes.  Enjoy?
 

Leave a Reply

Your email address will not be published. Required fields are marked *

Please leave these two fields as-is:

Protected by Invisible Defender. Showed 403 to 1,755,208 bad guys.

 

This site uses Akismet to reduce spam. Learn how your comment data is processed.

TheGasGame.com (c) All Rights Reserved Frontier Theme