Oil Retreats Below $120: Don’t Believe The Hype!

Oil for Votes

The price of a barrel of crude settled under $120 for the first time since May 5th yesterday. The market responded by jumping over 300 points, giving the Dow its biggest one day gain since April. On top of all the good news, the Fed kept rates steady at 2 per cent. Things look great, think I will go out and get me a no interest mortgage.

Wait a second!

Ladies and Gentlemen, don’t believe the hype. All this pre-election “let the good times roll” hysteria that we are allowing ourselves to get caught up in will no doubt disappear after the election faster than the ground crew at Andrews can get Bush’s crap into Air Force One.

It will all settle back to normal by the time we head out to our mailboxes to get the bill for the first round of home heating oil. At the same time I get to watch Joe Kennedy on TV tell me how nice it is that the “good people” of Venezuela and CITGO have proudly donated home heating oil to the poor. It’s all a scam.

Why?

Because there are forces at work in this year’s election just like there was in the summer of 2007. Don’t you remember watching oil prices drop sharply only to see them rise again after the republicans got their asses handed to them in November?

Both sides will no doubt take credit for any downward pricing applied to a barrel of crude between now and Election Day while blaming the other for not doing enough. Point is, it’s all smoke and mirrors and I for one am going to remember the last eight years instead of just the last eight weeks of campaign promises. What’s the song by The Who…”Won’t Get Fooled Again“