January 3, 2008
Idiot.
So this guy, in order to snatch bragging rights, bought 1,000 barrels of oil at $100 today. He sold them at a loss -- ego was the goal, not profit -- but the damage had already been done:
US shares had already been hit on Wednesday by figures showing that the manufacturing sector was contracting.
After oil broke the $100 barrel they fell further, with the Dow Jones closing down 1.7% or 220.9 points at 13044.0.
Asian shares closed mostly down Thursday after crude oil surged to a record $100 per barrel triggering a slide on Wall Street and stoking concerns about global economic prospects.
For a guy who wanted bragging rights, I sure don't see his name listed anywhere. Hope it was worth it.
Comments
The price of a barrel of crude has little real effect on the current cost of gasoline when you consider Exxon alone made $10 bllion profit last quarter.
Actually Big Oil has us over that brrel.