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While oil is going down, and will likely for the next few days, it's still on it's way up overall. I expect it to reach $120 by May 12 based on my calculations. Ofcourse, that leaves out any extreme situations such as another large disaster and/or declarations of war.
While oil is going down, and will likely for the next few days, it's still on it's way up overall. I expect it to reach $120 by May 12 based on my calculations. Ofcourse, that leaves out any extreme situations such as another large disaster and/or declarations of war.
There are also demand side adjustments going on at these prices.
For example, US gasoline usage fell "unexpectedly" in reaction to the higher prices.
It's the whole ying and yang of supply and demand.
The wild cards are speculation and US currency value.
Any "short term" predictions in the face of potential speculation driven increases or decreases when speculators decide to head for the exits are largely a guessing game. A whole lot of money was lost by people betting on $170 oil back in 2008, suckers late to the party got stuck with the check.
With that said, it wouldn't shock me to see it fall further through May and then rebound with Summer travel demands. <shrug>
With that said, it wouldn't shock me to see it fall further through May and then rebound with Summer travel demands. <shrug>
For this very reason, a fall in may is unusual based on history. Over the past few years, folks have been taking weekend trips earlier in May in order to capitalize on cheaper lodging. They also drive more than fly. Thus I expect a rise throughout May.
Great. My grocery bill when Obama took office was 45.00, today for the same stuff it's 91.00. More fundamentals on that?
I call shenanigans.
Take it to political.
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