Oil rose to around $50 a barrel on Friday. This comes after a new 3 and a half year low. It dropped a hundred dollars from its record high in July. It was down to 48.25 recently. Companies are storing millions of barrels hoping that the economy will rise again. "Shipping brokers said U.S. oil trader Koch and Royal Dutch Shell had booked supertankers capable of storing 10 million barrels of crude, more than top exporter Saudi Arabia produces in a day." oil production will fall by 1.22 million barrels per day in November. What does all this mean to us who knows hopefully the prices will stay down because these companies have ripped us off for long enough

Lower Gas Prices Don’t Make Americans Feel Rich

Everyone, especially students who pay for their own gas are relieved at the falling prices previously gas was at over 4 dollars if you were purchasing it with credit and the lowest now is $1.55. The national average is now down to $2.18 but now instead of spending that cash Americans are saving it or trying to cut back their debt. Some are using the saved money to pay off credit card loans and they are saving because they do not trust the prices and believe they will rise again. So even though every dime cut off the price puts 12 billion dollars back into consumer pockets Americans dont feel rich most are playing catch up while the rest are saving for what they belive will be times of high gas prices again.

This morning a local broker Matt Forstik lost around $7000 in an investment in the Enterra Energy Co. He had made the purchase on his iphone at lunch and short sold 25000 shares. It went down and he was making a $1000 profit upon seeing that I also short selled the stock. When i reached a $2000 profit i bought to cover and made the profit. Matt being the energy expert he is decided to hold onto it and today when he opened his portfolio he found tahat the stock he short sold had risen up by 28 cents and he had lost $7000 in profit. He has decided to hold onto the share and hope that the stock will fall a great deal and he may be able to turn a profit out of it. Well lets all hope it falls because Matt will need the money since he works for a company that is going under