Sunday, June 15, 2008

Truth, Oil and Profit-Takers

When you wait in line for that scarce gasoline- well, okay, maybe its not scarce but in any case its expensive, right? And when you're getting your tank-stuff to make your tank go, think of some of the reasons for that gas being expensive, like
"...Al Goldman, chief market strategist at Wachovia Securities. “There have been some wild and wooly projections on where oil is going and this kind of fed into it.”

Mr. Goldman said that global demand for oil products is coming down and domestic gasoline consumption has fallen. But he said that for now, the stock market is “held captive by the price of oil.” New York Slimes article

In other words, the price of oil is high because of the high price of oil... not mentioned are the people PROFITING from keeping those oil prices high... so I Call BS!

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