November saw scrap iron prices continuing to skid with prices dropping $60-$100 per ton since October. Not that anyone is shipping very much scrap – at least not in our neighborhood. The fact that it hasn’t hit bottom seems to support the theory that it will take a long time to climb back out of the hole. So, what are your predictions on the time line? How long will it take before scrap begins to move at normal rates again?

Just when we begin to see a little relief at the pump,in steps OPEC to make sure the high prices are here to stay. As I calculate it, we would need to cut our consumption as a country by over 25% to convince OPEC that it makes economic sense to let the prices drop to close to $3 per gallon. Otherwise, they will feel that keeping the price of oil above $100 a barrel is the most profitable for them. We really do need to get out from under their iron fist – or oil fist as it might be.