Oil, My Brother (the Trucker), Maria Bartiromo, and CNBC

Is Maria Bartiromo (the "money honey") the stupidest person on Earth, and are the people of CNBC the stupidest people on Earth? I have made that case previously in this blog, and stand by it.

Here is today's gloating email from my brother (the co-owner of a trucking company) on the drop in oil prices below $40.000 per barrel today. don't agree with my brother either that oil companies were the main culprits in the oil price "bubble" that hurt us previously (even though I have long opposed the Big Oil mergers into private corporate empires). Further, I don't agree with my brother that the price of oil was a major contributor to our present economic wes. It was a drag on the economy, but the present panic was a Paulson/Bernanke created result of the bursting of the housing "bubble" and the insane people on Wall Street (the stupidest people on Earth, and I include CNBC in those people). However, to show that CNBC, and Maria Bartiromo, are much stupider than my (biased) brother, you need only look to today. Today, CNBC had people lamenting the brusting of the oil price "bubble", and suggesting something is wrong with a market collapsing to that ext extent (a point of view only from the stupidest people on Earth, on Wall Street, and those who think like them). This alarm about irrational price moves was noticeably muted when the price of oil was going staright up, as CNBC lived up to its reputation of containing the "stupidest people on Earth". CNBC is not "concerned" about irrational upside moves in the market, which have been many over the past two months, or about "bubbles", but only about the interests of those stupid people on Wall Street. Is it any wonder that I call the "money honey" the stupidest person on Earth, and the people of CNBC the stupidest people on Earth (as part of the Wall Street mentality that fits in that category). Here is my brother's email:


.The oil companies caused much of the economic woes we face today. Now theyget a payback. We may see $1 gasoline again. However, the federalgovernment wants to add $2 to the price of gasoline to make our countrygreener. Another word for green is power. Liberals are using theenvironmental issue to take over our country and build a communisticcountry. If it SUPPOSEDLY saves our planet then no action on ourgovernments part is too much. They have a greater duty to the planet thatthe people on it. -----Original Message-----From: opisbonusalerts@opisnet.com [mailto:opisbonusalerts@opisnet.com] Sent: Thursday, December 18, 2008 1:40 PMTo: OPIS Bonus AlertsSubject: OPIS UPDATE: ***NYMEX CLOSES WITH HUGE SELLING SPURT; LOSSESAPPROACH 9 PERCENT2008-12-18 02:40:14 EST***NYMEX CLOSES WITH HUGE SELLING SPURT; LOSSES APPROACH 9 PERCENT Energy futures crashed near the close of the NYMEX open outcry session,with crude leading the way with a price loss that at one point approached nine percent. The huge new selling spree in crude took January WTI contracts downbelow $37 bbl and dragged both gasoline and heating oil in the wake, with considerable losses for those products as well. The run to the exits for remaining bulls was hastened by a Deutsche Bank report that suggested that various government entities were underestimatingthe likely erosion in oil demand in 2009. The bank believes that oil demand may fall by 1-million b/d or more. January WTI crude, which expires tomorrow, was still trading brisklyafter the pit session ended, with a price assessment of $36.70 bbl, down $3.36 bblfor the day. Losses of $4 bbl or more were briefly witnessed. Heating oil futures were off by more than 5cts gal to $1.3884cts gal andthe January RBOB contract was down 3.4cts gal at 97.15cts gal. Heating oil'sclose represents a new multiyear low and has helped push cash prices for dieseland other distillates down appreciably this afternoon. Cash gasoline prices haveheld their own for the most part, but the slump in crude sets up a possible retest of late November/early December lows. Note: OPIS has put together a blue ribbon panel to look at the likely performance for fuel prices as well as supply and demand trends in 2009. Fora look at the roster of experts who will cover the fields of economics,refining, storage, ethanol policy, asset valuation, and geopolitical risk, visit www.opisnet.com/priceoutlook or call toll-free 866-620-5940. Register nowand save $100! - Tom Kloza, tkloza@opisnet.com