The Coming Oil Crash? (Portfolio.com)
An editor from the widely respected business magazine "Portfolio" (Portfolio.com) has predicted a glut of Oil due to high prices that have driven consumers to conserve driving up inventories and eventually causing a collaspe of the price of crude.
Excerpt from the article :
"The experts who are predicting the worst based on geology and geopolitics are missing the crucial role that economic incentives play in determining the price of crude. The tripling of oil prices since the summer of 2003 has unleashed forces that within the next two or three years will bring oil prices tumbling back down to below $50 barrel. Looking even further ahead prices could easily fall to $30 barrel or even lower. So before you trade in your Cadillac Escalade for a Toyota Prius think twice $1.50 a gallon gasoline might not be gone forever."
Entire Article Here at Portfolio.com