Patience, page-59

According to Varney and Co on Fox Extra ( 9's Your Money channel in Aus on free to air) last night, the US reported its oil stockpile figures were up.  Varney also reported 19 US States with a pump price of under US$2.00 per gallon with the cheapest at $1.69 per gallon in Texas. Cautionary note from their analyst  was that they expect a cut back by OPEC at next meeting to balance world inventories. So looking to try and achieve a price of  US$60 per barrel going forward. It remains to be seen whether OPEC will in fact do that. But at present its the oilers and oiler investors that are feeling the pain. Users, both domestic and commercial and in particular, those businesses that have high transport costs are enjoying the lower oil price. That of course has a flow on effect to the retail price for all sorts of commodities.  Whats that adage again," One man's poison is another man's pleasure"   But right now, with the northern winter upon them,  lower fuel prices are a good thing especially for those with oil heating . Cheers!