Oil dropping with huge supplies available in tankers. NG oversupply still from last years record warm winter. Also every3 months ERF crashes only to hit a new high afterwards http://finance.yahoo.com/q/bc?t=1y&l=on&z=m&q=l&p=&a=&c=&s=erf Long-term ERF never cuts its divy. I'm waiting for capitualation but the answer is its bargain time for the Canroys. As long as you believe in longterm rising energy demand and prices don't worry. In 2007 you'll wonder why you didn't buy more here.
Oil shortage fears have abated as the realization sets in that there is little we can do to Iran without shooting ourselves in the foot. No hurricanes on the horizon and a slumping world econony further reduce the pressure on demand. Fear of a shortage was the driver for the high oil prices. Any events that rekindle fear will drive prices higher. My guess is that oil prices will not rise dramatically until after the November elections.
Looks like some profit taking...big time. But I can't believe oil is going down over the long haul....just wait till after the elections, it will be right back up there. Encombents want to hang onto their seats in Congress. I'm hanging in there unless some sort of big news changes the whole world scene.