$150 Oil? Superbulls Are No Better Than Astrologers

” It is difficult not to conclude that the 2008 oil price spike was a bubble, reflecting momentum trading spurred on, in part, by belief in the peak oil theory.” “The misinterpretation of high oil prices as driven by geological scarcity instead of transient problems exactly mirrors the mistakes of the 1970s, suggesting that some, at least, never learn from history.”