Are We in the Peak of an Oil Bubble?
July 9th, 2008
PhysOrg does a good job of convincing, at least for the short to intermediate term.
Since 2003, worldwide oil prices have quadrupled. According to a new study, the price of oil is rising at a faster-than-exponential rate, and cannot be sustained. In other words, we’re in the midst of an oil bubble, say researchers Didier Sornette and Ryan Woodard of ETH Zurich in Switzerland and Wei-Xing Zhou of the East China University of Science and Technology in Shanghai, China.
Certainly goes against the previous note on the subject.
UPDATE: Gas consumption is dropping rapidly - high prices are the cure for high prices. When will the commodities markets come unhinged?
Posted in Office |
Tags: demand, oil prices, supply |
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