bruno12

Roger Wiegand: Oil Prices Create Industry Havoc

The Energy Report: Roger, the last time we spoke, early in October 2008, you were predicting oil would reach a new high before the end of the year. Obviously that hasn't been the case. What's your take on what's happened since then?

Roger Wiegand: What’s happened is that we thought oil would go to new highs, and it looked that way on the charts for the longer term technically. Other top technical advisors and institutions like Goldman Sachs had analysts’ prices that were pretty much in line with ours. They were looking at $150, $147 crude oil prices just like we were, and expecting them to go even higher. Then, of course, the credit crisis smash arrived and markets came down.

I agree that he should have seen the effect of the credit crisis in early October of 2008. Anybody can see it looking backwards. If I was going to pay for his advice, I would expect him to see it beforehand, or at least while it was happening, as was the case in early October. He was also way off on his predictions for gold and silver for the December 2008 contracts.