Monday, May 5, 2008

Wishing does not work

For the past 3 years every time the price of oil has dropped, the media ran with pieces like:

"The price of Oil fell today. Has the oil bubble popped?"

That's the kind of LEADING instead of reporting you have been getting... and they have led you the wrong way.  Where was the media for the Tech Bubble and the Housing Bubble? Those "bubbles" were in the media's and Wall Street's best interests - higher energy prices are not.

The media was out in force last week with this nonsense, and the ink on those articles is not even dry and now they have to eat the paper it was written on.

BTW oil for delivery in 2009 and 2010 is now at a new record, and percentage "backwardation" has declined substantially. It wouldn't take much to put the Oil curve into "contango".

Mentatt (at) yahoo (d0t) com

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