Bob van der Valk

Watch for Yourself: 60 Minutes Oil Story Was Spot On

I read the transcript of the 60 Minutes segment and Allen Phatimer's review along with all the other blogs hitting the investment blogs. I agree with Allen's viewpoint and he makes excellent points about how crude oil price speculation took on a life of its own and created a bubble.

But "Crudomania" will not be continuing in 2009 and let's make that call by officially declaring: “It’s over and thank goodness for that!” Now crude oil prices will be allowed to float between $40 and $75 per barrel in 2009 depending on the pace for the recovery of the world and U.S. economies.

The natural world of supply and demand in the petroleum industry will once again rule along with being effected by geopolitical events.