It wasn’t too long ago when oil was well into triple digits and there were “Top Ten” lists for the best “Peak Oil” books.
How did those predictions work out?
Now it seems (thanks to the “Don’t Worry, Be Happy” crowd on Wall Street) that there’s “Peak U.S. Equities”.
Déjà vu in my book!
While out of the soothsayer prediction racket, I do think there’s still plenty of fundamental reasons for oil to go to a long standing personal target of mine in the mid to low $30s (and if the world economy is indeed about to fall off a cliff, a brief time in the high $20s). When tankers are loaded to the gills and some powers in the world believe these low prices hurt bad-behaving countries; it makes for a recipe for depressed prices for some time to come.
Gold’s decline has nothing on “Black-Gold’s” fall from grace.