Oil Takes a Tumble; Right on Schedule

$150 oil?

Not this week. Kenneth Musante reports as Oil falls to three month low. Crude prices sink after a call for renewed talks about Tehran’s nuclear program overshadows conflict between Russia and Georgia that could threaten a critical oil pipeline.


He quotes Stephen Schork, “The fundamental case to justify $150 [a barrel] oil never made sense,” … says the publisher of energy trading newsletter The Schork Report. “I think it was a speculative bubble that people tried to massage the fundamentals around,” said Schork.

Actually, neither did the technicals, but that’s neither here nor there. Used to be a big joke in the Oat pit, three guys, who do we screw today? Commodities, you gotta love ’em. Er, duh. (I filled the gas tank today. Who knows what next week will bring.)

Now that attention is veering off the crisis at the fuel pump, we’re seeing the usual pre-election dirty laundry (John Edwards & co.) remiscent of the days of Bill Clinton. I thought the sex in politics schtick was stupid then, and its even more stupid now, considering Edwards is out of the race (oh, wait a minute, but he COULD have been in the race, so it’s grounds for more sensationalism!) Seriously, the logic escapes me here even if the political manuevering doesn’t. Once again we can count on our media wasting time on irrelevant issues to determine who waves the flag the best, Dems or the GOP. Family values? Did someone schedule Addams Family Reruns? I’d rather watch Gomez and Morticia. At this point, they make more sense.

Also the Georgian/Russian conflict is right on time. Just whip out that “foreign political experience card” and let’s scare the populace one more time about WWIII. The godless Communists are not dead. Sherman to Peabody — is the wayback machine ready?

I always thought it was just really bad manners, too, to bring up religion when you’re invited to lunch. Religion, once it gets going, cannot be stopped…resulting in the Boxer Rebellion 2.0? How tacky is that?

At the Olympics, no less. Happy smiling faces, it’s Exxon to the rescue, eliminating malaria. Big Oil, big games, go world.

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