Crude Retreats
May 2nd, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Thursday, crude for June delivery fell for the third straight day, dropping to $112.52/barrel, down 94 cents. June reformulated gasoline declined 2.81 cents, to $2.8782/gallon.
“The combination of the weak U.S. economy and a strengthening dollar continues to put downward pressure on oil,” said James Williams, of WTRG Economics.
Supply worries have eased after the re-start of a major Scottish refinery following resolution of a two-day strike on Tuesday. And Exxon said that upstream affiliates in Nigeria confirmed they’re in the process of production start-up following resumption of services by the senior staff workers union.
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.