Really Steve, Do you honestly think oil will correct to $35?
Today was profit taking from Friday's unrealistic moves up across the board, and nothing more. Unfortunately Steve Forbes is as out of touch now as when he ran for president.
AS a field geologist in the industry, I can assure you $35 ain't gonna happen. Not this year. Not in 2006 nor 2007.
I read up on the industry constaltly. Its my job. World consumption and Steve Forbe's concept of India as a place to buy madras shirts cheap is one of the reasons he lost the run for the presidency. The man ought to change Forbes magazine into a fashion publication.
What an insult to the modern business world he is.
Well, in fairness to Steve, we do have more crude oil around right now than in 2001 when prices were sub $20 bux. We've built up this huge amount of crude inventory even with Bush stashing away 100 million barrels of crude in the last two years. One thing is for certain there is no shortage of crude oil.