Sunday, August 10, 2008

Oil prices

While I am still a believer in peak oil, oil prices have risen too far, too fast. The prices north of $140 a barrel could not be maintained and have fallen back. I'll go out on a limb and predict that oil will fall below $100 a barrel in the near future (spot price today is about $115). This will be good for the economy and the stock market, but don't be fooled. The long term trend is up and we'll see $140 oil again.



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