$100 OIL SOLVES THE WRONG PROBLEM

Alas, a recent forecast by Goldman Sachs projects the price of crude oil to double from current levels. Rest assured that the Optimist would not have been the first to tell you such disturbing and pessimistic news! Since that forecast has already been published around the world, however, the Optimist feels both entitled and obligated to offer an optimistic perspective.

A noted author and investment advisor penned an article which offered the prospect that $100 oil will be the solution to its own problem, both by reducing demand and by stimulating production of alternate sources of energy. Almost as if on cue, Alan Greenspan also announced that high oil prices would be temporary because the resulting decline in demand would force them back down.
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