As Oil Crashes Under $40, How Much Further Can It Drop... maybe -?

http://www.zerohedge.com/news/2016-08-02/oil-crashes-4-month-lows


As Oil Crashes Under $40, How Much Further Can It Drop




by Tyler Durden
Aug 2, 2016 11:42 AM    


Well that escalated quickly. Having toyed with the $39-handle yesterday, this morning's plunge has erased those stops:

 
... and WTI is set to test the early April lows on the way back to 2016 lows...

I smell smoke and I see mirrors! Anyone remember the early 1970's before OPEC and the gas lines of 1974? The oil shortage was fake - the gas lines real. Oh, and a barrel of oil in 1973 was going for around $3.00 a barrel. Yup - three big fat juicy USA dollars a barrel. During the 1974 oil embargo it hit the heady price of around $11 - $12 a barrel. I know cause I was living through the gas lines and other assorted bulls**t of the era and I kept careful track of things way back then as I still do so now too.

I see this drop in oil prices as a somewhat return to sanity and normalization of prices. The elite are only crying "WOLF" because one of their their biggest cash cows quit giving so much milk. Well boo-hoo . . . .