- US oil consumption down a million barrels a day...
- sharply diminished U.S. demand, which fell in February to 19.7 million barrels a day. That was down a million barrels a day from the 2007 average.
- ... EIA’s latest data show that oil inventories rose by 5.7 million barrels last week more than four times the average analyst forecast of a 1.4 million barrel rise in stockpiles, according to Dow Jones Newswires.
- Gasoline stockpiles also jumped by 800,000 barrels compared with expectations for a 400,000 barrel draw, while refinery usage fell 0.4 percentage point to 85%, rather than rising by 0.4 percentage points as forecast.
NEED MORE PROOF? HERE: GOLD IS DROPPING; THE DOLLAR IS STRENGTHENING, AND THE SEC TREAS SAYS THE WORST OF THE SUB-PRIME DEBACLE IS BEHIND US.
THE SPECULATORS BETTING THE PRICE WILL GO UP SOME MORE HAD BETTER STOP SPECULATING, OR THEY'RE GONNA GET HURT.
THE PRICE OF OIL IS ABOUT TO COME DOWN - WAY DOWN...