"Whenever I read or watch financial media coverage of oil prices lately, the image that comes to mind is a bunch of kids who just ate half their weight in candy, washed it down with a gallon of Red Bull, and then run around the playground at warp speed. They both move so fast and sporadically that is almost impossible to keep up with them.
Here is just a small example of headlines that have been found at major financial media outlets in just the past week:
• Citi: Oil Could Plunge to $20, and This Might Be ‘the End of OPEC’
• OPEC sees oil prices exploding to $200 a barrel
• Oil at $55 per barrel is here to stay
• Gas prices may double by year’s end: Analyst
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What is absolutely mind-boggling about these statements is that these sorts of predictions are accompanied with the dumbest thing that anyone can say about commodities: This time it’s different.
No it’s not, and we have 150 years worth of oil price panics to prove it." Read More
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