27 March 2007

Crude Realities

The other shoe is about to drop, as you can see from the May Oil contract above that almost hit $67 a barrel around 6 p.m. on rumors that Iranians had fired upon U.S. warships. So we're all playing a dangerous game of escalation and it isn't going to take much for tensions to worsen. $75-$80 oil...$100...why not? That means $5 gasoline and recession...I'd be up early in the morning if I were long...jfg.

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