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Tuesday, July 22, 2008

Hurricane Dancing Fails; Energy Slides To New Lows

A good weather witch could make big bucks in Texas these days. Look at that collapse after energy futures crept higher on hurricane hopes. This is the third horseman of the energy traders' apocalypse.

The only remaining hope is WAR. Perhaps the State Department should try to curtail foreign travel of those with large energy interests for a few months.

Comments:
Oh, we'll have war soon enough. Including radioactive decontamination and rebuilding of a city or two after Iran carries out the Will of Al'lah, Predestined since before the Creation of the World...

Seriously, I see better-than-even odds of war with Iran within the next four years -- including decent odds of nuclear first use (possibly initial-opening First Strike) by Iran.
 
Mama, what is your take on Anonymous'comment?
 
No speculation herte. Those spot contracts at $146 were all for desperate endusers trying to dollar cost average against $200 oil just like the market is supposed to work.
 
Viola, I don't have a feel for what is going to happen. A lot of it has to do with internal Iranian politics. The oligarchical features make war a disfavored option, but oligarchies can be unstable and can switch into other modes very quickly. The fascist states of Europe proved that.

Rob, you got it in one. I still want to know how much oil is supposed to sell at $200? Did anyone bother to try to figure that out?
 
The only reason to buy $150 oil is to use it to build alternative energy infrastructure.

SoCal Edison is pursuing up to 30% increases in rates. This from the usurious 14ยข they already overcharge.
 
Rob, won't that make their rates some of the highest in the nation?
 
Just an FYI, I suspect that we will start to see a drop in Internet customers in the near future. Dialup customers have been the first to drop off, usually citing trying to economize or pc problems. On the broadband side, we just see deadbeats and cranky people. It's interesting to see people hit the point where they say they just don't use the internet and cancel service.
 
Yes, it is interesting, but it has come down to filling the car or internet for some people. The car wins. Really, it's good management.

I wouldn't think any of the utility companies are going to do that well.
 
SCE rates are already in the top most expensive Lower 48. This is just a massive screw you to the people who pay the bills. Decades of mismanagement and poor decisions. We actually pay a surcharge for the cost overruns of a nuclear plant that was never built.
 
"GOLD! GOLD! GOLD! GOLD! GOLD!"

"OIL FUTURES! OIL! OIL! OIL! OIL! OIL!"

Somebody said that the best investments in a depression are Tobacco, Alcohol, and Campbells' Soup...
 
Anon - Campbell's soup is too pricey these days. It is not moving.
 
Haha! Went grocery shopping today - major sale on Campbell's soup. About half price.
 
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