What a surprise! Bush and Cheney the oil men have governed during a period when oil has had a tremendous bull run. The current steep channel in oil suggests that the run is not sustainable. (We hope) With gas prices rising, and acting like a tax on personal income, Bush had better do something quickly to bring oil back down to a reasonable level. (And you thought conquering Iraq would reduce the price of energy)
I agree about the dollar.....Also and more important...this is not a sprint its a marathon....You can't make a short term judgement on a long term project.....
The influence of rapidly increasing demand from china and the rest of asia cannot be overlooked. Still, I wouldn't worry too much. Saudi Arabia has a few hundred years of supply. Just need to get some new management in there.
I notice a protractor superimposed on the chart. Doesn't everybody realize how meaningless those angles are. Just change the horizontal scaling and you can make it any angle you want.
The relative change in the angles, I believe, is what he's looking at, sort of the "bump and run" aspect.
I think everyone should look at the price of oil in euros to get a second opinion of what's going on in the markets. To be long oil is to be long disaster in Saudi Arabia or Venezuela.
Isnt part of the reason oil is up is President Bush said he wants to see democratic governments in the middle east and since there arent any in opec they dislike the idea and raised oil as a warning. China also has surpassed japan as a huge importer of crude. Good thing usa stations troops in the middle east to ensure them all a steady source of crude. Price in the military burden to keep a steady flow of crude and the price of gasoline is $5 pr gallon. Is there any one who cares whether gas is $1 or $5? I would think less than 1% of americans would change there travel habits or living habits to reduce there dependance on there energy cost. If 10% of americans did change there habits or purchased smaller and more fuel efficient autos then perhaps things would change but lets be real, that isnt going to happen.
you are forgetting about 10,000 other BIG deal points to be made! The entire world is petroleum dependant! petroleum is used in just about everything from cosmetics to eating utensils. Once the oil is cracked it then trickles down into a much larger industry than you think. Energy efficient cars is only the tip of the iceburg! Energy dependants is Energy dependance is Energy independence...... Fossil fuel, corn fuel.........it does not matter what we convert to because then we will just become dependant on it and the cycle continues. sorta like market manias??? just a thought. T-REX