Whoops, My Crystal Ball On Oil Was Off by 9 Months
In my article on Richard Branson and Virgin Charter just a few days ago, at the end of it I said this:
“Overall, you can look at energy prices continuing to rise at least 10% short term and I predict we might see oil top $110, to even $120 a barrel before the year is out. ”
Well, it hit $110 today. Was I ever off on timing. How far can it go? I looked again and I have to say that we could hit $130 to $140 before demand starts to wane.
But think about it, with 70 million people being born every year, 85% of known reserves in the US being kept from being explored by the state and federal government, demand for India and China growing at a fast clip and with the epitaph for alternative fuels being written by the latest energy bill that was just signed into law, is it any wonder that the prices are going to continue to rise?
