“Oil at $80 a barrel?” asks BusinessWeek.com. Surely that’s not possible. After all, the world’s running out of oil, isn’t it? China and India have pushed global demand to untenable levels. Wells in Russia, Mexico and Saudi Arabia are running dry. High fuel prices are here to stay! We must have alternative energy… Bring on the EVs stat… Need more hybrids… Must have wind energy now… Ahhhhh!!! Yet Joel Fingerman, a Chicago-based energy consultant, has the nerve to forecast that “This is start of a fall to $80 crude by the end of the year, maybe as early as September.” And Oppenheimer senior energy analyst Fadel Gheit explains, “Oil prices are dropping because they are inflated. You cannot sustain an artificial price forever.” Hrumph! So did ya trade in your favorite SUV for an itsy bitsy gas miser? That’s too bad. Stephen Schork, editor of a daily energy newsletter says, “A lot of the strength [in oil’s price] was hype and hot air.” Gee, where have I heard that before?
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