Flip It: People Who Invest in Oil in 2008 Are Dumber Than You

I don't agree that there is an oil shortage.. There are just too few large players in the game.. We have billions of barrels of crude and trillions of cu ft of natgas in the USA.. Congress is not prodding the current producers to work harder in the existing fields, and they are not opening up new leases for new players.. That is protectionism for Big Oil.. Even a dumb-ass Congressman should be able to see the consumers getting shafted.. New drilling and refining technologies have made the industry very clean.. There is no reason not to drill, KEEP THE PRODUCT IN THE USA, and stabilize prices.. New energy technologies and alternative fuels are not ready, so we need to use more oil until until they are ready and become competitive...

Cody, You are right that oil speculation drove the oil prices so quickly. But the worldwide oil demand IS growing faster that the supply CAN grow. The governments of the world new this was coming (or should have known) and yet they DECIDED not to start the long process of finding and producing more oil volume to match the coming future needs. Could it be that the oil companies paid the right people to sit on their hands so the price would skyrocket? Whatever the cause, the result is that the USA has been using 25% of the world's commodities with 5% of the world's population since WWII. Now the rest of the world is catching up to the USA and we will need to share. We will all have to do MORE with LESS and pay more for it....

Secondly, i see very little is this "experts column" to say that he knows anything about oil at all. He is running with the crowd and it's a shame that fox lets him get away with it. Most of oils recent gains have been on speculation from a poor International political economy and a weakening dollar. But for this "Expert" to claim that a 120 dollar jump is just a fad hahahahaha man i wish i had this guys job apparently he can say anything and get payed for it.

I doubt we will see oil below 100 again for a majority of reasons. It takes energy to make energy im afraid, and even a boost in crude production will lead to a boost in crude consumption. Not to mention most of the easily accessible oil fields have been taped and will soon suffer from the law of Hubert's peak. The remaining ones remained untapped bc they have been deemed to costly to develop. The cost to develop them wont change what will change is the profit margins from developing them as oil becomes more and more in demand. The change in cost of oil production will shift the normalized margins for oil higher, there is just no way around it. Look for oil to give back alot of it's recent gains but dont expect oil in the mid double digits anytime soon. I dont think this is the "GREAT ENERGY CRISIS" most of these speculating prophets have been running around telling us is coming. What this is, is a lesson. We need to move towards renewable energy and fast if we want to continue to enjoy a healthy and prosperous world economy. If we do not then it is really only a matter of time till the energy crisis catches us unaware and we will see world economics divulge into abyss that very few people think is possible.

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I dunno. I think oil is due for a correction, but I'm a buyer if it drops below $120. You ought to get good ole Jimmy Rogers back on to see what he has to say. As long as the dollar is in trouble (I belive the USD is a fatally flawed currency), I'll continue buying hard assets with them.

And then again, this might be the latest short-lived pull-back before oil shoots up to $200.

I like the misspelling of "Mobil" in the ad. Really lowers the credibility. I'm finally underweight energy for the first time in seven years. Can't leave entirely, though...