Credit Where Credit is Due
Two predictions on crude oil prices:
1. Me, September 2007, driving car pool to school for my son--"There is no fundamental reason why crude oil prices should be above $45/barrel. It makes no sense, given production costs and the difficulties of enforcing cartel discipline. Prices will come back down, mark my words."
2. Shawn Tully, of Fortune Magazine: "Why the Boom Will Eventually Bust."
The current price of crude oil: $43.40/barrel
The current credibility of those "peak oil" morons: Zero, same as always.