Thursday, December 11, 2008

$1.39

Have we reached the bottom of the trough? OPEC is in panic mode. So is Russia. But demand destruction continues. So does the cheating on quotas.

The bubble has collapsed so quickly that Shell hasn't even had time to replace the marketing signage on their pumps.

So what happened to the hand-wringing and calls for investigations of "Big Oil" and their supposed "illegal" profits? Hello? (taps microphone)

5 comments:

Tom said...

Still well over a dollar more than you pay for gallon here. I hate you! ;)

Then again, I have nice sunsets to look at and don't have to worry about being killed by a wild hog on a hike, so I guess things even out in the end!

I really enjoyed your Noble Road Trail post even if I have no idea where it is (apart from somwehere in Texas that is)!

Tom said...

PS. We also have that "earn" 38 cents per gallon advert here. It looks very silly now even if the gas prices are still high here. Do people still fall for this stuff?

Bob said...

Saudi Arabia is cutting production, supposedly...I think that oil prices will stabalize at between $38-$50 for the next 18 months or so.

Heh. Not that my predictions worth anything, but its pretty funny to think of a $12 range as "stable."

Anonymous said...

Paul writes,


The real value, the real perpetual motion wealth machine, is people and developing, freeing and liberating their unlimited skills and imagination.

Russia, Saudi Arabia, Washington DC, are not about that. They are dumb, grasping, mouth breathing connivers, thieves and murderers if not of the body, then at least of time, energy and human spirit.

In the case of Russia, Saudi Arabia, that's why they just have one crap thing to sell. Everything else they got is crap.

(By the way, an old term for crude oil was, "The Devils Excrement".)

Michael Ryan said...

Tom,
That's not the sun setting. It's the glow of the lava flow approaching your house.