Chris, why do you think the commercials went short?

leung_lewis, I only bought COP because of Zeals’ recommendation, and I trust their research. I believe oil is in dwindling supply, and the only big source is the oil shale. That is an expensive process, to extract, so it wasn’t done while the price was low. Now that the oil price is high enough, the oil companies will start to extract oil from the oil sands/shale. I believe high oil is here to stay, but the recession can lower the price a little bit. So the days of $50/barrel oil are behind us, IMO, and we are headed to $100/barrel oil, with a few dips along the way, and a big dip from the recession. But don’t forget the largest use of oil is farming, from fertilizer (my husband told me; he read a book about the food supply).

I don’t believe the headlines that claim “Oil down on fewer mideast tension”. I abhor those headlines, bec. the journalist tries to assign a cause, but they have no idea why oil went down. Neither do we. THey should simply write, “Oil down today”. And not guess at a reason. The journalists do this with gold and the dollar and the stock market too. They are guessing, and usually they are actually very wrong. When they say gold is down because the dollar is up, they are wrong, because gold does not follow the dollar, but inflation.