Monday, October 16, 2006

JSB touts mastery of the oil market

About a month ago I assured an anxious nation gas would be at two dollars a gallon sometime in October, as the price of light sweet crude oil would fall to 57 dollars a barrel. At the time of my guarantee gas was going for $2.75 in our nation's capital and oil was trading at about 65 dollars on the world wide market.

Since September 12th the price for a gallon of gas has steadily fallen to $2.15 in stations adjacent to the DC border and oil hit 57 dollars a barrel last week. It is
currently trading in the 58 dollar range.

Today I've decided to declare prognosticatory victory for two reason: First, OPEC is meeting on Thursday to see if they still have any control over the market they once had cornered. I'm not sure how this is going to play. It could be they are able to tack a few dollars back on or, maybe, if they to fail to convince the increasingly powerful traders the price should go up, it could have the effect of accelerating its depression.

Second, and more importantly, I've already received multiple complaints about the abominations that were last week's football picks. I don't want the picks -- which should never, ever be used for actual cash wager -- to undermine my overall credibility. Especially when that credibility was based on so little to begin with.

So I would like to remind my readers that any occasional motorist who followed the plan of incremental gas purchase I laid out in my September 12 post should have saved about six dollars so far.

I know I have.

1 comment:

cpk said...

Gotta say that JSB should probably take some of its mastery of the oil market and apply it more dilligently to the process of predicting NFL football games.