Tesla (NASDAQ:TSLA) Down in Pre-Market

Jeff Siegel

Written By Jeff Siegel

Posted June 24, 2013

Tesla (NASDAQ:TSLA) Slips in Pre-Market

Bearish skeptics are starting to circle the the Tesla (NASDAQ:TSLA) wagon this morning, with Bloomberg weighing in on its morning video. Couple that with what looks like it’s going to be a very bumpy ride today, and we could potentially see a 3% to 4% drop in TSLA in early trading.  Although I don’t expect it to stay there throughout the day. In pre-market, the stock is down a little over 2%.

Is Oil Heading to $150?

Economics 101 tells us that when you have more of something, and demand is falling for that same thing, prices should drop. That’s not happening.

One reason is that oil is the world’s most valuable and fungible commodity. It is also a large market in the way that gold isn’t. Major market movers have been using it as a way to price in the global currency wars.

The second reason is the price of oil production has been growing. Shale and sand might have oil, but it’s not cheap to produce. World oil production costs have been climbing about 9% per year.

Furthermore, the U.S. government lacks any real plan for energy. The stupid giveaway to farmers for ethanol… the caving in over pipelines… the de facto ban on drilling all point to the fact that Washington wants high oil prices. In fact, as analyst Chris DeHaemer explains, the next stop for oil is $150. You can read more here.

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