Black Hole

Oil prices aren’t soaring because of speculators. They’re gyrating because the fundamentals of the market have disappeared.

Back in January, when the price of crude was just below $100 a barrel, I predicted a crash in the oil market. That would be the same oil market that has since superspiked its way toward $150 before falling nearly $20 over the course of a few days in July. Some readers have demanded a retraction; others have offered to sell me their S.U.V.


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