Bryan Kautzman

Oil Price Economics the 60 Minutes Way

Of course, everyone is mad that gas was selling for $4 a gallon last summer. Americans believe that they have been endowed by their Creator with the unalienable right to drive, and that the oil they use to fill their tanks should be cheap. Of course, as the price of oil went up, up, and up, smart investors were taking advantage of it. And when the price started getting close to $150 a barrel, smart investors started to take their gains. So, from the sounds of it, that Sixty Minutes quote, unquote "expose" was stopping just short of calling me a criminal.

I just wish I had been smart enough to short oil when I took most of my money out in July.