When I did my Countdown to $100 Oil?!? series over the last few months, a few people (not here) offered that we would never see sub-$3 gasoline again.
This morning on the way to work I counted 6 gas stations selling gas under $3, two of them at $2.93.
The Year over Year change in the price of a barrel of Oil is on the verge of going negative. The commodity bubble is popping big time.
$2.93 gas this morning
I have been wondering when we would dip back below $3, since the last time oil was around 95/bbl we were in the mid $2.90s
rockets and feathers......
prediction $50/$60 barrel
although if the dollar tanks I don't quite get this..
but they believe this due to a global slowdown
other commodities/metals
What I just do not understand is why Gold would drop and other metals. I can understand oil and so on due to a global recession and thus the demand will be way down...
Gold is way up today and that's more what I expect...
people to pour into safe haven but just yesterday the dollar was way up and gold was going down...
The claim being the same as oil, less demand...
I would expect people are panicking, looking for save haven at this point.