Maybe all you guys are right. Oil prices may have gotten ahead of themselves, but they're not yet at absurd levels when adjusted for inflation.
But it's tough to call a top in any market. Previous crashes in chips (eg...200X earnings with no earnings), housing (eg...with prices increasing at 2% a month) and tulips et al were more predictable.
Energy is also different from past so-called bubbles in one major respect. No one's going to run their economy, produce jobs, feed people, or ensure their security without it!
It will be fascinating to see how all this plays out. Good luck to all of you, we may need it.
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Quite insightful article!
Jun 23 10:25 am
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All Comments by Paul Killinger »The Crude Geopolitics of Oil [View article]
Maybe all you guys are right. Oil prices may have gotten ahead of themselves, but they're not yet at absurd levels when adjusted for inflation.
But it's tough to call a top in any market. Previous crashes in chips (eg...200X earnings with no earnings), housing (eg...with prices increasing at 2% a month) and tulips et al were more predictable.
Energy is also different from past so-called bubbles in one major respect. No one's going to run their economy, produce jobs, feed people, or ensure their security without it!
It will be fascinating to see how all this plays out. Good luck to all of you, we may need it.