Originally Posted by
NuGuy
Amusing, considering that consumption is down and inventory is overflowing.
Reminds me of gold...sure it has inherent value, but if it's THAT self evident, why do you need gold infomercials running 24/7 on the radio stations? You don't pour money into advertising something people are buying anyway.
Last time I saw this was the run up to the real estate bubble...
Nu
I completely agree with you Nu, the problem imo is it still costs us lots of money in the interim.
I think the national average price of gas will be too much for the economy to bare and you'll see the price drop. But this is early March and we're coming off the highest oil price during the month of February since 1990.
And we've still got hurricane season, OPEC meddling season, vacation demand season, dollar declining season, oil refinery explosion in Houston season and whatever else that allows speculating to become far more profitable than any other investment instrument.
Right now it's climbed to $106.31 this morning. That's $2 since it opened.