Call it what you will, but a month ago you were paying $3.00/ gallon for gasoline, and all we were hearing was;
Aug 24, 2005- Analyst: Blame Investors for High Gas Prices
Aug 21, 2006- Oil prices rise as market awaits Iran decision on United Nations incentives
Aug 18, 2006-Crude oil inventories fell 1.6 million barrels in the week
Aug 11, 2006- Oil prices rise as markets reconsider impact of thwarted airplane attacks
Aug 10, 2006- Crude Oil Prices Rise after the U.S. government reported drops in crude, gasoline and distillate fuel inventories
Aug 9, 2006-Oil Prices Rise on Concerns about Supply
August 6, 2006- Oil prices jump on Alaska shutdown
Aug 2, 2006- Natural gas, crude oil prices rise amid heat
Aug 1, 2006- Oil Prices Rise As Traders Watch Storm
Jul 31, 2006- While traders watched the effects of an oil pipeline leak in western Russia
Jul 31, 2006- Oil prices rise as Mideast violence rages on
July 28, 2006- After the Venezuelan oil minister said OPEC was powerless to stop price surges caused by geopolitical tensions.
Jul 26, 2006 -Oil Prices Rise Ahead of Inventory Data
Jul 26, 2006-Oil prices rise on much larger than expected fall in US gasoline stocks
Jul 26, 2006- Oil prices rise on worries over news of US refinery troubles
Now we are hearing the opposite.
This morning CNBC had economist Philip Verleger on Squawk Box. Verleger is an oil economist who is predicting that gasoline could fall to as" low as $1.15 a gallon".
Here is an article that appeared in the Seattle Times.
I find the timing of the impending "Oil Glut" very suspicious. But as I said last month; "Watch the Magic" as we head into the November elections.
Verleger confirmed our opinion that hedge funds and investment banks were driving up the price of oil in the futures market with big influxes of cash. He didn't say where the cash came from, and we speculated that these institutions borrowed the money at zero interest from the Bank of Japan.
Now that the BOJ has raised interest rates, these institutions are selling their futures and paying back their loans.
Oddly, most people in our society have no idea they are being jacked around and pick-pocketed.
There is never any doubt Whos got the Power in the US of A.
