Finally, oil has gotten crushed! We haven’t seen this large of a decline in oil in years as momentum speculators rushed out like someone discovering their Match.com date looks nothing like their picture! One can say that the decline in oil prices was sparked by fears over slower US economic growth, but who are we kidding? Someone who was long oil panicked, leading to more panic, followed by even more PANIC!!!
Perhaps the initial seller finally read, “Gas Prices Are Out Of Control And People Love It!” and spread it around. The point of the post was actually to highlight how ridiculously OVERPRICED gas prices are given how much reported supply we have (US$1 million more barrels/day in 2011 vs. 2010). If someone like me, who has a job and barely drives feels it, why doesn’t the rest of America feel it? America does, and its hard for fundamentals to justify such levels.
SO WHAT NOW?