Oil Spikes Above $70 a Barrel »
Posted by: TechnologyExpert 1 year, 2 months agoOil futures spiked above $70 a barrel on Thursday for the first time since Sept. 1 on a government report that showed gasoline inventories dropped unexpectedly as the summer driving season neared it peak. Retail gasoline prices, meanwhile, broke a monthlong decline and held steady overnight at a national average price of $2.975 a gallon.
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Lazarus_Long2 months, 4 weeks ago
I'm just an old stock player, but MAN! does oil look like a bubble! Both in the steepness of price rise and in the hype and psychology surrounding it.
The comparison to the 1973 OPEC oil embargo is apt. They thought they had us then; they really just encouraged other nations to go find more oil and the price fell when they started producing their finds.
The same will happen again, only this time it will include alternative energy sources and conservation and more efficient usage in addition to new oil. The alternative sources and conservation and more efficient usage will hurt even more than the new supplies by reducing demand for oil.
In the meantime, let's drill through caribou's heads and Santa's reindeer to get through this!
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