No, not in BP stock, though it will take a hit, but in crude oil. How many times have we seen these bubbles? Crude is frothing like crazy today, up over $3. Yet, in testimony before Congress this morning, our oil execs suggest that, absent current geopolitical factors, oil should be trading in the $55 - 60 range. We may have some more upside on crude, but the handwriting is on the wall. Look at what American Airlines is doing to reduce its use of jet fuel. People are flocking to the Vespa store to buy motorbikes. How many people have cut their auto usage, combining trips or using public transit? The US consumer knows how to deal with this extraordinary price rise - not by jawboning but by action. It's going to be fun to watch the anguish of the buyers who threw money at crude oil at its peak. Look out below!
on oil speculators:
Why are we not revolting on this.
The Europeans are up in arms and We're just happy with our Viagra..
So what are you going to do with your 4 hour hard on.. Doesn't do anything for her. How about we invade Iran...
God bless America.
Interesting to see how oil is having a hard time getting past $140. Whole sections of the economy start to shut down when gas is this high. Just finished reading Flying magazine - amateur pilots can no longer afford to fly or own airplanes. News stories this week have examples of Americans biking to work or drastically cutting auto usage. Auto industry again on the brink with Ford deferring its new truck model. China raises the price of gas for its citizens. Saudi Arabia holding a summit next week to jawbone the price down. US public has had it with restrictions on US oil exploration and production - more domestic production to follow. Barrons article on the possibility of the bubble bursting. Once again, the traders have killed the goose laying the golden egg. Unfortunately, BP will probably tank even further; panicked investors will flee the commodity and the oil companies, forgetting that BP can mint money with crude at $70 or $80 a barrel and nat gas where it is today. But maybe this will produce the takeover I see happening.
I would ask, what are current geopolitical factors? They don't say. I have heard the war adds a terror premium onto the price of crude, whatever that means.
It's my feeling the war does add much to the price of crude.
BP sold off hard, but XOM is up 6 cents now. I wondered why such a disparity.
While it is true that Americans are driving less, India and China are still growing at neck breaking speed. These new riches are not going to cut their driving.
I am buying BP stock today, expecting a rebound to 52 week high srating tomorrow.
IMO it is still too early to commence buying back just yet since XOM is the only major that has dipped below it`s 200 & 100 day moving average. BP is close but with crude still bleeding it may be wise to hold your dry powder a little longer.
Regards to All !
So buy Vespa shares! It's not about america anymore, there are only 300,000.000. of you and over a third think that the working folks owe them a free life! And you stupid people give it to them!
Figure it out for your own selves! I don't want to waist my time on any of you! Get a car that you can sleep in, cause thats where you are
going to rest your head while the N & M steal your blankets and toilet paper..................WAKE UP
you stupid americans!!!!!!!!!!!!!!!!
I don't think so!
China, India (population BILLIONS)-- economies BOOMING and huge demand driven by first-time auto purchasers.
The cutbacks by U.S. consumers are a drop in the bucket compared to the increased global demand...
Pretty much. If only we would stop driving and ask to be told the honest truth about oil. Watch this video and make up your own mind.