Oil to Spiral Downward Now that Mubarak's Gone

I guess traders have finally seen the light when it comes to oil, political tensions, and actual demand--light sweet crude has come down form a high of $92/barrel to $85/barrel, and is predicted to fall to $80/barrel within the next two weeks.

I don't know whether to take this with a grain of salt or not, because it looks like parts of the rest of the Middle East are catching the same fire that consumed Egypt.

I also don't know how to feel about this with the spring travel season upon us (with a warming weather trend, summer will come early), when gas and oil prices usually creep up, along with the well-timed oil refinery fires to help boost profits.

Is $80/barrel going to just be a temporary stopping point, and will rise again, or will it come down even further to match actual demand? Stay tuned--I know I will.

UPDATE: because oil seems to be on a downward trend, this means traders are going to pile into gold and commodities EVEN MORE than they did before. This should shake out in August, when the harvest comes in. If there isn't a good harvest, expect more food price escalations and refer to my Food Stamp Challenge and your own garden to avoid enduring this.

This recession/depression ain't over by a long shot! Sure, employment's improving, but slowly, and that's about all that's improving around here.