The U.S. news media has convinced many investors that oil consumption is falling because of the global recession. While that may be true, it’s a disservice to millions of investors because production is declining at a pace that’s actually three times faster.

In the energy market Friday, crude for July delivery pulled back, closing at $134.86/barrel, down $1.88. July reformulated gasoline fell 6.74 cents, to $3.4626/gallon.

We aren’t scared of the peaks – what we are nervous about are the valleys…all the Fed’s hard work can be undone by a single day of trading… The global oil crunch…consumer confidence is out of gas as well – thank goodness for those rebate checks… The anniversary of the “Esperanto Money”…in central banking, the consequence of inertia and inactivity is almost always salutary…and more!

If you missed out on Indonesia before… don’t fret, because if I’m right, a second bite of the cherry is about to come your way.

OPEC is doing everything it can to drive up the oil price.

No sooner had the words “oil at $120 per barrel” left my lips yesterday, Chakib Khelil, President of OPEC, said it could hit $200 and there was little he or his cartel could do about it.