CHESSNOID

I remember a few years back a popular chain letter email would circulate saying let’s all not buy gasoline on a certain date so the oil companies will know we can hurt them too.  I think gas was just under $2.00 a gallon at the time. LOL.  I know hard to believe.  I don’t think most people took it serious nor participated.

Now that oil looks to be correcting or maybe even crashing at less than $68 a barrel today, it looks like that theory may have worked.

The Energy Information Administration said crude inventories jumped by 3.2 million barrels last week, above the 2.9 million barrel increase expected by analysts surveyed by energy research firm Platts. Gasoline inventories rose by 2.7 million barrels last week, and inventories of distillates, which include heating oil and diesel, rose by 2.2 million barrels.

In morning trading, light, sweet crude for December delivery fell $4.03 to $68.15 on the New York Mercantile Exchange. Earlier, it sank as low as $67.50 a barrel, the lowest level for a front-month contract since June 2007.

The energy markets have also been weighed down by the weak stock market, as investors grow more pessimistic about how long it will take the economy to recover from the current global financial turmoil.

Of course, the driving force is not motivation to show oil companies we can hurt them but the fact everything now costs so much there is less money to spend on gas.  People just don’t travel as much anymore.  People are even forced to give up their cars and take the bus or metro link.

Personally, I think it is karma and the oil companies will now be suffering.  Is it possible to see crude oil for less than $20 a barrel and the price of gas at the pumps at about a dollar?  Hmmm.  This economy is bad because of the housing market. It was made worse by inflation due to the artificially increased price in crude oil. I bet OPEC will be having that emergency meeting to try to cut production and keep prices artificially high.  Of course, now that BUSH their friend and oil ally is getting the boot, and America is ready to move on to renewable resources and stick it to the oil companies, I would guess oil speculation and greed is done for a long time.