"Oh no, there's no oil bubble," they said.

Posted on October 10, 2008 by alan

Guess again. It just popped.

Oil dropped to $78 today, down 47% from it’s Summer high.

Just like the housing market, oil was over priced and due for a correction.

Quick run ups in price are irrational and ALWAYS followed by even quicker drops when the speculators bail out.

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0 Responses to "Oh no, there's no oil bubble," they said.

  1. Michael Ejercito says:
    October 10, 2008 at 19:50

    We know that in the long-term, as in decades, oil prices will go up.

    This does not mean oil prices will go up every day .