Buffalo Boy's Blog

The bastards in OPEC did not get the desired results after cutting a record 2.2 million barrels. So either the markets during the summer were full of crap and was all spectator driven BS or the economy is so weak that it just doesn't matter anymore what OPEC does.

Oil fell below $40 a barrel today which as long as we are on the subject, why are prices around here not yet in the $1.50 range? I have asked why before and I really think its time for New York State or the Feds to step in around here and put a cap on how much gas station owners can charge for profit on a gallon of gas if that is in fact the problem.

It will be interesting to see what happens for a full day of trading after this news. Today may not have been the best day for them to do it market wise. However, the US dollar also fell in value today which also has traditionally coincided with a rise in oil prices.

Maybe, the markets are not ready to over react to bad news and instead have a wait and see approach on what it does to world supplies.