And what happens to the economy when a gallon of gas goes to $4.00? Hmmmm...uhhh...hmmm... I just can't remember. Does anyone know?
Im waiting for QE3 to come a long, all its going to take is for the SPX to drop below 1000 and BUBBLE ben bernanke will release QE3.....without the propping up the economy in the last 3 years oil would be sitting comfortably under $40 a barrel, gas at the pumps would be 50% cheaper than it is now. All I have to say is I will be shorting oil around $110+ if it does get there with SCO....oil prices at these levels cannot be sustained, we have seen this time and time again, even if oil does rally to $120, $130 or even new highs above $150 the drop that would come next would mimic 2008 where it would literally collapse within weeks of touching highs, the global economy cannot sustain itself with high prices of oil and right now it looks as though its happening where something is going to give. Even if you do short oil here there is minimal risk in my opinion in that there is more downside than upside in oil.