Tuesday, July 15, 2008

What goes down must come up

Oil prices fell today by over $6 a barrel, over concerns that it is overpriced, among other things: http://news.yahoo.com/s/ap/20080715/ap_on_bi_ge/oil_prices. A couple of perspective checks here. One, it is still just as expensive as it was last week. Two, the U.S. dollar continues to plummet, reaching new lows on almost a daily basis. This guarantees that the price of oil won't fall far, if it continues to fall at all. So, don't get too excited.

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