the latest on oil +=+=+=

Oil is now below $46.00 and falling every day. No hurricanes in the Gulf of Mexico, Nigeria fine, world oil production at record levels PLUS Iraq oil production up, possible attacks on Saudia Arabia oil just a furphy, US inventories up, Iran nuclear dispute being settled, Wherever you look there is now BAD NEWS for oil. We now do not have an oil shortage. An oil shortage was being spread to us by big traders who wanted the rank and file to come in so they could get out at the top. CNN did its bit with an oil price counter when oil of course was peaking. Hey. they suddenly realised that the price of oil had risen for a few years and decided to alert us all AT THE TOP. Well done boys. There is an now an oversupply in oil. So if anyone is thinking of buying oil shares, in this wolf's humble opinion the only companies to consider must be on low PEs with expanding prodution AND good exploration so they can minimise the hit of falling oil prices.