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Sic Semper Tyrannis

Tuesday, September 09, 2008

Go Bears!

No, not the Chicago bears but the market bears at the New York Mercantile Exchange and other boards where oil oil futures are traded.

Oil IS in a bear market, in other words one can say the bubble has burst on oil. I and many respectable analysts out there (not just Lance, but some who are paid to make such observations and prognostications) said the same thing, oil was overpriced. That overpricing I believe is one of the factors bringing on the economic slowdown.

Now, just because an item goes into a downturn does not mean it can not recover and as I state ceterus parabus I believe gas will make a serious run at $5.00 a gallon. That I hope is wrong on the high side.