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Interesting, Demand is going in the tank fast, pun intended. Opec is stating that it will try and defend an $80 a barrel price, but with weakness in demand increasing in the US and Europe will OPEC have that much influence. Could oil fall that much further?

 

http://www.usatoday.com/money/industries/e...es-monday_N.htm

and

 

http://www.business-standard.com/india/sto...p?autono=336384

 

Merrill Lynch is predicting $50 a barrel and demand is at 2001 levels the last four weeks.

Hmmm...and just a couple months ago they were predicting $200...

 

That speculative bubble got pricked quick.

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I'm somewhat torn on this issue. On one hand, it sux big time to pay 4 bucks a gallon. On the other hand, when gas is relatively high, people talk about conservation and alternative forms of energy. If we get below 3 bucks a gallon, the American Sheeple will forget all about wanting other forms of energy. Watch and see if all the talk about energy doesn't go away...

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