Some bad news

[cottonpicken]

James Howard Kunstler at -the daily reckoning.com has written a pretty scary article on peak oil.He says its here now and that we actually peaked 9 months ago at 85 million barrels a day. If it's true there are some pretty serious reprocusions.

[charliep]

If you are going to take my role as a bear, I am going to have to be a bull.

I note the falling Canadian dollar. This is offsetting the decline in oil prices to some extent when you do the currency conversion.

I also note the instability in the world right with the most recent issue North Korea but hot spots remain in Iraq, Iran, Afganistan, middle east, etc. Energy security is the world's most vulnerable point right now.

[nw9flynn]

I'm also a bear on oil. Unless another George W., goes gun's blazing into Iran or North Korea, oil will continue to drift lower. No market is more supply/demand driven, and currently supply's of heating oil, gas, and crude in the U.S. are high. I'm expecting oil to go lower in the short term 1-2 months to close to 50/barrel or less. The most important factor to watch for oil prices seems to be is if it will be a warm or mild winter? It seems like our friend El Nino dictates everything these days.
Will oil stay low for the next year? Who knows, but again in the short term remember this, "the trend is your friend", and the trend is down.