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.
4 comments:
Can't feed the citizens, can't keep the lights on, etc etc. Same old story. The people will either rise up and hang him from a lamp post or they will suffer.
Putin's in trouble too:
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article5141799.ece
I still think oil will go back up though
Gutsy call, but I think you're right on $25. I await your picture of $0.99 gas.
I'm so glad I don't have to hear inane stuff like this anymore: "Oh, the greedy oil companies are just pumping it up. Gas is going to $5, and once they get us used to it, it will never go below $4 again."
Whew.
Maybe someone is just having some fun, but Wheatland, Wyoming listed multiple locations with $1.40 gas this week.
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