Oil Explodes Up -- 4/9/2008

Oil hit multiple new intraday highs today after a government report showed another unexpected drop in crude oil supplies. Oil crossed over $112 for the first time in history. Oil is now at record levels in any market, and presents a major risk to our economy.

We still think that demand is waning and that the OPEC and the oil companies are reducing supplies to offset the reduced demand. We believe it is for oil and gasoline both. They use justifications like 'pressured profit margins'...we call it like it is, price manipulation.

All aboard,

The IMF is now calling for a recession this year. Everyone is aboard now. Talk about a late prediction IMF. BTW, it's not a prediction if you predict after it happens. However they do put some US growth numbers out there that are interesting. 0.5 % in 2008 and 0.6% in 2009. That would describe a long recession. Depending on how bad inflation gets will determine the severity of the recession if the IMF numbers turn out to be true.

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