Y'all thought I was a genius because I called a top in oil a few weeks ago..... Well Guess What....
Surprise. Welcome to Armageddon.
As Oil has run $15 in 28 hours, and has a chance of going Limit up at $20.... Heating oil already hit it's limit. Commodities have trading limits, to stop trading, and slow down market panics. BTW this won't mean you can buy oil at $147, or the possible $167 it could hit on Monday. Which it could, since what has to happen is that the market has to match sellers with buyers, and will have to find a point where there are some sellers of oil.... Maybe we can just skip ahead to $200
None of this means your oil stock is going to the moon, since Just like if the financial system in the United States Collapses, Guess what... not only will your stock portfolio be worth nothing, but your dollars will be more useful to burn to heat your home.
Gas prices right now are +.20... If I were you I'd fill every car you have right now, if gas goes limit up for a few days, by sometime next week or even Monday you will see $4 at the pump.
Let me just tell you that Though I see a charming "Mad Max" scenario right now, the best part is that demand destruction will pull the price down. Because, I'm so sorry, but you can't afford this, and will start having to chose to feed the kids Mac and Cheese so that you can afford to drive to work... I think that is going to stop any "Extra" trips you take every day.
There are many reasons for this, but the catalyst is most likely the Charming Israelis, who are saying they are going to bomb Iran. Sweet! you have no idea how much I hate israelis, it's not a Semitic thing.... It's like they are the little brother that we have, and they talk this big game, mostly because they have us standing behind them. The truth is we as the big brother would be better to let them take their beating, and take the tough love they need, so they can learn to play well with others, and act like an adult. Either that or they can take over the middle east, I don't care I just want out of it.
Oh good, President Hoover is about to speak.... I'm not about to get into Dem Rep stuff, but wasn't it obvious that when you elect a guy who couldn't run his own oil company or a baseball team... to run the country, that he would run it into the ground.....
There is a lot of work to do.
If you don't know this, Your Dollars are worth 40% less than they were 4 years ago.....
Are you making 40% more?
are your assets worth 40% more?
Nope, you are just 40% poorer.
Welcome to 1970's Redux..... We never learn.