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Why I'm Not Buying Oil's Recent 'Correction'

Your article is based on technical analysis, and utterly dodges the supply issue. You can't compare demand for dot-com stocks with demand for energy. Energy demand is relatively inelastic despite the academic economists' belief that demand destruction must occur. Furthermore, closed-system analysis of oil which doesn't account for Indian and Chinese growth is an exercise in silliness. There are only two points that are necessary to answer this issue: (1) Global demand for oil is growing exponentially. (2) Supply is not. Whether or not you believe supply is shrinking is irrelevant to this analysis. All that is necessary to agree on is that supply is *not* growing exponentially to keep up with demand. Oil will, and must go higher. And for those who believe in alternative fuels: Show me. And that includes planes, freight vehicles shipping.