A comment from last year. When oil was at $55 dollars U.S.
Analyst Fadel Gheit of Oppenheimer & Co in New York compared behaviour in the oil market to the run-up in Nasdaq stocks that ended five years ago. "The higher oil prices go, the closer we get to bursting the bubble," Mr Gheit said. "At some point the circuit-breaker will kick in and the price will come down. I would not be surprised to see oil come back to $US30."
Analysts warn oil gusher is volatile
By Simon Romero in Houston March 16, 2005
I wouldn't trust this guys investment advice, better to use the magic ball that tells you yes/no.
Today oil is at the record above what it was in 1981!
Oil rose to nearly $74 a barrel on Friday, within sight of record highs, on a positive outlook for oil demand and economic growth in the US, the top consumer.Reuters
While gas prices rose at the pump prior to the long weekend, as usual, the apologists for big oil say thats supply and demand. Not so!
"We are in the mode where the fundamentals of supply and demand really don't drive the price," Lee Raymond, the chairman and chief executive of Exxon Mobil, the world's largest energy company, said last week.
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