SINGAPORE (AP) — Oil prices slid to near $55 a barrel Thursday in Asia as more bad economic news from the U.S. heightened fears of a severe global downturn that will pulverise demand for crude.The velocity of this collapse surprised even me. I thought it would be the end of December. The markets may blow through $50 by the end of the week.
Melonhead's really up a creek. Venezuelan crude production is way down, yet Melonhead booted out the western oil companies vital to keeping the fields open and bringing more production online. Melonhead will be begging these companies to come back, por favor. They will tell him to pound sand. He's already easing back on his stupid rhetoric.
Poor Melonhead realizes that his dreams of leading a new Bolivarian empire have collapsed. Soon enough, Melonhead will be facing a firing squad after yet another coup d'état.
No great loss.
Oh, yeah. I am calling $25 by summer 2009.