I Guess I Picked a Bad Month to Invest in Oil

Some years ago, in the Zucker’s ‘Airplane’ comedies, Lloyd Bridges played McCloskey – an air controller who was trying to talk a doomed plane in safely. Every time a new challenge presented itself, McCloskey said something like “I guess I picked a bad week to give up drinking.” McCloskey had so many flaws, his ‘I guess’ lines lasted the entire movie.

Such is the same for crude investors. Good for us – bad for them. Any Johnny-come-latelys to the oil gush are left with the sludge. Crude took a 35% dip this month – the worst since 1986. The only difference is that crude dipped to about $14 a barrel instead of $65.

Anyhow, with the gas prices in the mid $2 range on average across the country, it’s like putting a weekly economic stimulus in the consumers pockets.

It may be a bad time for McCloskey (and oil speculators, in general) but it’s a great time for us.

Crude Oil Is Poised for Record Monthly Drop as Demand Declines – Bloomberg.com