Oil Is Dead. Long Live Oil!

In late June I wrote here that the sky-high price of oil made no sense, and urged investors to get out. This was back when virtually everybody took it as holy writ that the world was rapidly running out of oil, and that unceasing demand growth from the United States and the developing economies of China and India would sustain a permanent bidding war for this dwindling resource.

A week later, oil traded at all-time highs of $147 per barrel. But that turned out to be its last hurrah.


Less than six months later, the price of oil had crashed to as low as $32 a barrel