HMM: Oil below $65 despite OPEC decision to cut 1.5 million barrels a day amid slumping demand. Some of this is just the bursting of a bubble, and it’s a good stimulative force for the economy at the moment, but it’s still probably a bad sign as to where things are going.
UPDATE: At least it’s hurting Hugo Chavez. And Iran. They’ve had less money to throw around in support of their various causes lately. I hope that continues.
MORE: Jay Caruso emails:
Where are all the people now who wanted to hang the speculators, re: oil? There are probably a good deal of speculators making gobs of money considering the price of a barrel has dropped nearly 55% in a little over a month.
Funny though. I don’t see anybody out there on television lambasting speculators who are helping to drive the prices down.
Yeah, go figure. Though if you watched Venezuelan or Iranian TV you might see some Jack Cafferty-type grousing.