Actually, I believe it is 1,500,000 barrells a day. Though people don't care, stocks are plummeting despite their worth. I doubt oil will go down to extremely far, though they will bottom out and then rise. I filled my truck for $60 from d**n near empty (25 gallons) and it cost me $100+ just a month ago (Shortage from IKE) and same for the past few months when oil was $140+ a barrell. It's funny, everybody crying foul on "Big Oil" while nobody says anything about OPEC. I hate to say it but supply and demand is where it is at.
I don't know about a recession. I feel we are in a huge panic and also inflation came in too fast because money was too easy to access. Loans were given to anybody regardless of credit or income. Prices were driven up party to that, others were growing countries like China, India, ect.
We are in a massive reset. Prices will drop, unfortunately, people will lose their jobs that were created because of artificial income (over extended credit). Also people will lose their jobs due to just a bad economy, which is very unfortunate. I am chosing to keep my head high and look further than this cluster-f**k and see that investments now will benefit the future of our family while prices are very low. Also, learn from the mistakes of many companies about risk/reward. High risk doesn't always pay, ask Wachovia.
Again, while I did not feel that oil prices were unreasonable, I did feel that the prices were driven up artificially and would eventually reset, fall, and then return to what is considered normal and affordable for the world customers.
On a last note, my wife and our kids are learning to adjust to the market. I've always been somebody who hates debt and does not keep a balance on any loan, well, excluding a mortgage for sure. Credit cards are only good for fraud protection and perks/reward points. I am doing my best to weather this storm for my family, thankfully I could see this coming for years and have been ready for it. So, with all that said, bring on the rain, cheap gas, and stock prices.
