HOT TOPIC The Oil Bubble Seventy dollars a barrel? Relax, it'll come down. Saturday, October 8, 2005 12:01 a.m. We keep hearing the word "bubble" to describe industries with rapid and unsustainable rising prices. Hence, the Internet bubble, the telecom bubble, stock market bubble, and now, some analysts believe, a housing bubble. Yet for some mysterious reason no one speaks of the oil bubble--though prices have tripled in two years to as high as $70 a barrel. Reviewing the history of oil-market boom and bust confirms that we are in the midst of a classic oil bubble and that prices will eventually fall, perhaps dramatically. Despite apocalyptic warnings, the world is not running out of oil and the pumps are not going to run dry in our lifetimes--or ever...
http://www.opinionjournal.com/weekend/hottopic/?id=110007377
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2 comments:
Rich, you're back! We missed ya buddy!
Yeah, read this over the weekend. Thought the same thing as I read it; Paul's gonna love this one!
I'm all over this article, kids. (What's the url?). Julius Simon is one of the major figures who influenced me from a caring, excuse-making, mamby-pamby leftist into a sensible libertarian/conservative. I was in grade school taking an ecominics class wrting a book report/criticque on Simon's book, "Ultimate Resource." I selected the book from a list, and selected because I ***KNEW*** that the guy was wrong. It was my first experiance reading a book that I entered disagreeing, and became convinced during the read. I remained a leftist/liberal, but one who was confident that there would be no real energy crisis. The excersise warmed me up for Thomas Sowell to change the rest of my mind.
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