[Boston Mike]

Originally Posted by Alloy Dave

http://www.nytimes.com/2008/09/11/bu...ess/11oil.html

What happened to the oil price hysteria that was going on 3-6 months ago?

What about a few years ago when the Alaska pipeline had a leak?

How about the hurricane's in the gulf that were supposed to cripple us and take fuel prices to double today's value?

All these people saying oil was going to $5.00 a gallon and even higher?

Let me state clearly that I cannot predict oil prices. But sometimes I roll my eyes at those who think they can. If anyone can accurately predict gasoline or oil prices, I'll pay you $1M a year and I'll keep the rest...because we both can be very rich, very fast.

Oil still may go up. Or, it may go down. Nobody knows. I still think it's a good idea to get of foreign oil, the recent drop should not weaken our resolve to do that. But let's avoid the "oil prices are going to be $xx soon" discussions....we're rarely correct.

Off my soapbox.

Dave

Amen, sir. And isn't it funny that now, after so much posturing that it was supply and demand driving it that there is hard proof that inflows of capital (>$60billion) from speculators over the past 8 months is what drove the price up. What makes it hard is that there are a lot of trend following investment accounts that had to buy while it was going up.........pushing it up higher. Strong dollar leads to cheaper oil. It was going to happen. Now to get back to putting more $$ into American's hands!!!