Thursday, October 16, 2008

What Happened to $200 Oil?

On June 16th I posted a story, "Expensive Oil's Days Are Numbered". Today only dropped under $70 per barrel, a more than 50% decline. Now if we would only see lower prices at the pump. If I recall correctly I paid at least $4.50 at one point, which means I should be paying around $2.25 pretty soon......prices yesterday were about $3.30, still have a ways to go.

I'm not saying oil won't go back up, it could, especially if we have a weak dollar. I just think that its important to point out that almost all experts where wrong.

Scott Dauenhauer CFP, MSFP, AIF