This is funny. Not two months ago the world was running out of oil and if we did not stop what we were doing and make a complete reversal of our oil economy we were doomed.
Two months later oil has dropped nearly 50% from it's $147 high. Gas is down an average of $1.00 and as soon as the futures that were purchased at higher prices are delivered and sold gas prices at the pump will fall even more. OPEC is talking about cutting production (IE: we are pumping too much oil) to raise prices, etc, etc.
So to all the 'ivy league' all-knowing investors who said it wasn't an oil bubble either they need a huge lesson in economics or were saying it wasn't a bubble just to cash in. It's these same kind of people who over inflated the housing market and when it burst everything came down fast and then they begged the American taxpayer for a bailout. So when their ideas screwed everything up they used taxpayer's money to fix it. Nice.
These people need to be put in jail. They are obviously obtaining wealth through fraudelent means.
I was told by some, not on this board, I was an idiot if I didn't think oil was scarce or that it would ever come down in price. Here's to being an idiot. And here's to CNN and MSNBC who had it all wrong, 100% completely wrong, and fabricated ridiculous shows around a fake oil crisis and quoted tons of people who had a vested interest in oil and thus obviously wanted it to be scarce so they could cash in. News is all about what stories bring in the most viewers and the most cash. Truth is completely irrelevant. After all they know the world will believe what they say and they are right. Here's to the oil industry who obviously made no effort in a time of crisis to get the prices down and who were running their rigs at 80% capacity during the crisis.
Lesson learned
The next time someone makes a dire prediction about some resource or commodity and threatens horrible consquences if we don't all get on the bandwagon - remember to follow the money trail and it will lead you to the true source of the problem. Hindsight is 20/20.
Sad thing is it sounds like a horrible conspiracy theory you would find on a website somewhere. Even scarier is that this 'theory' is actually true.
But one saving grace is even though you can fool human beings you can't fool the math and economics forever. Eventually it does come around and reveal your schemes.
