E-Sourcing Forum » Is there any good news out there?

Is there any good news out there?

October 14th, 2008 at 07:10am Dave Cravens - Iasta

It seems like everything that can go wrong, has gone wrong this month. The credit markets are frozen, the stock market has lost $2 trillion worth of value in the blink of an eye, and here in Atlanta, it has been a re-run of that 70’s show where a Hurricane Ike-induced gas shortage has created waits of over an hour for cars that are lined up for blocks to buy gas.

It seems like there is nothing but bad news out there with no end in sight.

If you look between the headlines, there may be a glimmer of hope out there for us.

First, if you did not notice, Congress let the ban on offshore drilling expire. The “Drill, Baby, Drill” movement did its job. Although it is uncertain how long it will actually take to produce the new production, I think this has changed the behavior of the speculators who were part of the run-up to $147.00 per barrel. This event and recession fears have driven oil to less than $80.00 per barrel.

The other bit of good news is the increase in the value of the dollar. While this hurts the US exporters, it has a positive impact on the prices paid at the retail stores. A stronger greenback will also help stabilize the financial markets by attracting more foreign investment.

If these events keep up, then the inflation picture will look much better for 2009. By then, we will be finished with the uncertainty of the presidential election.

Let us keep our fingers crossed.

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