Joined: 06 Jul 2003
Posts: 7087
Location: Central CA
| Posted: Tue Jul 15, 2008 8:19 pm Post subject: Oil prices plummet over $6 amid economic fears | |||||||||
While any relief is good, I'm one of those who think that any drop in crude oil prices will have to produce a commensurate drop in fuel prices at the CONSUMER level and will need to sustained over a period of time before it can claim to do anything to stop the deliberate bleeding of the economy by the Wall Street parasites.
So they're looking to save their own asses, not make any meaningful difference to the economy? And of course there's no mention of the increasing demand for some kind of control over speculation on commodities futures... which may have had a small part in the backing away of some of the players.
So demand is seen as decreasing over the next year but as late as Friday, futures were still trading at record highs?
Ah... since we're going to have the FED lend the government another fifteen billion (subject to interest too) for a bailout of Freddie and Fannie, that will drive the dollar down yet again, does it naturally follow that this will drive energy prices higher yet in spite of the decrease in demand and the relatively lower price per bbl? If so, then instead of focusing on "energy independence" and waiting for all the other markets to correct themselves, which virtually everyone, including the White House acknowledges may take years to accomplish... maybe we ought to be concentrating on MONEY independence by doing away with the damned FED and taking control of our own currency again. That might have more of an effect on the positions of most of us than anything else. 
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