Sunday, October 19, 2008

Get ready for much higher oil prices!

In this Bizarro world we live in, Goldman and Merrill pronouncements usually turn out to be the inverse of reality. Well today they both stated oil will likely fall another 44%. See below from Bloomberg (1 hr ago):

"Goldman Sachs Group Inc. and Merrill Lynch & Co. analysts say crude, which fell more than 50 percent from a record $147.27 a barrel in July to a 14-month low last week, may drop another 44 percent should the world economy slip into a recession."

If you recall, when oil prices were peaking (~ $140) earlier this year, Goldman Sachs started predicting that we'd see $200-a-barrel oil soon. Ha! They used this announcement to lure many players into the market - to then crush them all with their massive manipulation efforts.

Don't trust anything these folks say! Oil will now RISE!

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