I remembered reading this transcript back in May before I moved back up here to Searcy, when I was still just a fledgling conspiracy theorist:
Here’s the thing I want you to watch for. I want you to watch for a sudden fall in the price of oil. If you see oil spike downward to about $70 a barrel, $80 a barrel, if it goes from $110 to $80 a barrel, look out. It’s counterintuitive but you have to remember that the price of oil is based on futures and so what could possibly happen, a bad sign. If it drifts back down slowly over a period of time, that’s good. But if it suddenly drops down, what that means is that the conventional wisdom for the people who buy oil futures, these are the big — you know, there’s a lot of money. These people who are buying oil futures, what they’re saying is the economy around the world is going to slow down so much that people won’t be able to drive or fly as much as they have had to. They won’t be able to afford the oil or the gasoline or the diesel. So demand will go way, way down for oil. That’s what they will be betting on.
If you read the whole transcript, there’s further exposition. I don’t necessarily agree that we need to be hoarding food and gasoline like Glenn Beck does, but let me just ask you this — anyone noticed a severe reduction in gas prices lately? How about the fact that oil, which passed the $100/barrel mark a long time back is now, all of the sudden, under $90/barrel?