Posted by
m0t0r1zed on Wednesday, June 25, 2008 11:37:38 AM
Oil prices just got knocked down by higher inventories
http://biz.yahoo.com/ap/080625/oil_prices.html
Here's hoping that the Fed surprises everyone and raises interest rates today (although I doubt it) and pushes oil down even further while strengthening the dollar. Nothing like a good 1-2 punch combo. Congress is gonna push through a huge housing bailout past Bush's veto anyway (or agree on a compromise), so why not raise the rates? If oil prices can get back under control, and Congress can pass measures to reduce oil speculation, then a potential global recession could be averted.
Heck, it would be awesome if news of higher oil inventories, a fed rate hike, oil speculation regulation passage, Bush opening up some of the SPR, and Congressional passage of drilling laws happened all at once - lol. Pure fantasy, of course.
(of course, hiking interest rates will have a much more complex effect overall, but i think taming oil is the most important problem right now)