wow, oil inventories down 8.8M

Discussion in 'Trading' started by S2007S, May 29, 2008.

  1. S2007S


    simply amazing, thats all I have to say....

    these numbers are insane.....

    oil is probably going to 135+ on this news....

    stock market did a complete 180....
  2. $5 gas here we come :( . $10 gas, not improbable
  3. Gas has been $9 in Europe for a while. Not sure why Americans would be scared of a $5 handle.
  4. S2007S


    Gas prices have continued to rise in the last week even as the price of oil fell from $135 to $128. I paid $4.33 the other day, Regular of course, I think it will be topping $4.50 by the end of June.
  5. Disposable income. Europe is used to it. Americans have a budget based upon the fact that they're paying around $50 per tank of gas. Now that we're looking at $100-$150 per tank, thats a big difference on someone on a fixed income.
  6. S2007S


    No one cares what Europe pays, this is the US, keep thinking the economy wont feel anything with $5.00 a gallon gas but let me tell you its going to seriously threaten the growth of our economy, its already happening. $4.00+ is hurting the consumer, $5.00 and get ready for a long deep recession.
  7. Anyway market likes high oil
    And US is in recession probably since 2000 if use real CPI

    so don't worry much
  8. you can pay for higher gas prices if u go long this stock mkt
  9. The driving culture in the US is much different than Europe, larger distances, larger cars , poor public transport and much more reliance on cars to get anywhere.

    I knew guys in England who had never had a drivers licence, and they were in their 30's! That wouldn't happen in the US.
  10. I find it funny the 'magic threshold' that will result in the 'complete implosion of consumer spending' is always pushed a little farther by the bears over the years. Two years ago it was $70, then $90, then $120. And now $150.

    Basically, it's always current the current spot price +$20 that will bring ultimate economic mayhem. Keep on predicting, fools.
    #10     May 29, 2008