Friday, July 18, 2008

Look Out! It's Gonna Blow!!

Less than a week ago crude oil futures were pressing close to $150/ b. Thus round 3,566 of the "It's gonna blow through all the way to $200 or $300...there's no stoppin' it... $10 gasoline by Labor Day!!" filled the airwaves and papers of America. Then, after three days of plunging, crude oil futures closed below $130 yesterday. Checking the local paper, The Metrolina Disturber, this morning I found exactly zero stories about this three day drop. Cheer up media types! A good short covering rally going into the weekend and you'll be able to put those big headlines up again: OIL SOARS.

Above is James Dean as Jett Rink, a fella of low means and poor character who gets dipped in oil riches in the half-great movie GIANT. Half-great because the first half is great and the second half only has some good moments. Still, half-great is better than most of the sludge they're pumpin' out in Hollywood these days.

Jett: Everybody thought I had a duster. You all thought Spindletop and Burkburnett was all the oil there was.
I’m here to tell you it ain’t, boy. It’s here. There ain’t a dang thing you gonna do about it.
My well came in big, so big… And there’s more down there, bigger wells.

I’m rich, Bick! I’m a rich 'un. I’m a rich boy.

I’m gonna have more money than you ever thought you could have. You and the rest of you stinkin' sons of Benedicts.
Then he makes a crude pass at Mrs. Benedict and Bick socks him on the jaw. Jett runs away. But, he is a rich 'un. Oh yeah, he's a rich boy, and nothin' but trouble.