Crude Takes A Dive. OPEC Seems a Little Depressed
Crude oil took an absolute dive in early trading today. This coincided with OPEC making gloomy statements about drop in crude demand globally. Perhaps in the midst of lighting cigars with hundred dollar bills they forgot that outrageously high prices tend to convince the global consumer to cut back (see our posting on HEAT members dramatic conservation below).
‘Demand destruction’ as the Wall Street types call it, is real and happening because the American consumer is in a very bad mood.
