This goes out to all the idiots out there who were buying sweet crude futures at $165 a barrel and above. I'm glad you're losing your shirt, or Timmy's college money or your retirement. Trying to capitalize on war and tough times is simply wrong. You tried to pull a fast one and got caught with your hand in the cookie jar. You deserve it.
For those not sure what I'm talking about oil dropped below the $118 a barrel mark this week after having been going through the roof and hitting almost $150 a barrel just one month before. Why was it going through the roof? It could have been global economic pressures caused by the continued industrialization of China, India and other such countries, or it could have been the prospect of America falling into another quagmire with an OPEC nation (Iran), or it may have simply been overall demand rising in the U.S. itself. It could have been, and all these played a role, but another driver no one wanted to talk about was the idiots buying the oil futures at well above current projections. What happens then? People get scared and jump on the bandwagon. Then, more people are buying at even hire prices. Fear and the lemur mentality take over.
Next time, don't follow the rest of the pack into the on-coming truck. And more importantly, don't try to make a quick buck at someone else's misfortune.
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