Prince Turki (Saudi ambassador to the United States) can threaten $200 oil all he wants, but we may instead be looking at a downward correction that will have oil prices dropping more than anyone imagines possible. Supplies are at their highest levels in eight years, while demand appears to be falling, or at least leveling off. Should a significant price correction be in the offing, stock markets and the economy will cheer.
Tuesday, 27 June 2006
Peak Oil
$200 a barrel oil prices? Maybe, but Larry Kudlow at NRO has other views.
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