Why $80 a Barrel is Now the Support Level for Oil

…The bottom line is this: Oil is going higher. It might not be tomorrow, it might not be next week, but its upward trend is unmistakable.

One of my favorite authors on the economics of limited resources is Herman Daly.

Herman E. Daly was a Senior Economist in the Environment Department of the World Bank before he became a professor at the Maryland School of Public Affairs. You may be familiar with him from the journal, Ecological Economics. He is co-founder and associate editor.

Daly eloquently lays out a bullish case for scarce resources, such as oil, that is difficult to deny. He points out that there