Pete C. wrote:
Jeff Wisnia wrote:

I don't really know much about how the retail home delivery heating oil
industry works.

But, the recent plummet in crude prices has me wondering what kind of
fun and games are going to take place between fuel oil dealers and their
customers who engaged in fixed price contracts for the coming heating
season back when prices were ascending at an unbelievable rate.

I assume the dealers must have entered into futures purchasing contracts
with their suppliers to protect them against further price increases and
those contracts will have to be honored by the dealers unless they
choose bankrupcy instead.

I can forsee that the dealers are going to have a helluva time getting
all the customers who entered into guaranteed price contracts with them
to cough up what they agreed to pay when the retail market price of
heating oil drops significantly. Particularly so if those customers are
being negatively hit by other aspects of the current crazy economy and
use that as a justification to default on their contracts.

It should be interesting....Educated comments appreciated.


Unless someone or their lawyer can prove some fraud in the contract, I
don't see how customers who signed a legal contract for such a futures
purchase has any recourse to get out of it, nor should they. The erosion
of personal responsibility in this country is completely out of control
and has to stop.


And I think it's only going to get worse during the current economic
crunch. Too many of folks who have been confusing want with need all
their lives and now can't afford to pay for what they've bought, will
make up ridiculous reasons to blame it all on the sellers and lenders so
they can self-justify welching on their obligations.

I truly think I was fortunate to have started my career and marriage
during what I have come to regard some of the best years our country has
ever had (the 1950s).

When I look around now and see believable statistics like . . . . 50% of
current births in the USA are to unwed mothers and, 20% of american
students don't achieve high school diplomas (And at the risk of my being
damned as un PC, that student percentage is even higher if considering
only African American and Hispanics.)

Couple those kind of statistics with our nearly complete exporting of
factory jobs which would have provided work to non-high school grads, I
think I have good reason to fear for the America my grandkids are
heading into.

Just my .02,

Jeff

--
Jeffry Wisnia
(W1BSV + Brass Rat '57 EE)
The speed of light is 1.8*10^12 furlongs per fortnight.