[quote=stockstradr]Oil wasn’t and isn’t in a bubble.
Rich was and remains correct.
Oil has simply been hit with extreme demand destruction, deflationary pressures due to global economy recession / depression.[/quote]
Exactly. It’s not like oil went to $147, “crashed” to $80 (a number considered obscenely high just 18 months ago), and everyone lived happily ever after driving their SUV’s 50 miles to and from their overvalued McMansions.
Oil went too high and the global economy entered a state of severe malfunction. I’ve often taken issue with some of my fellow Peak Oilsters who believe that it is to the moon with the price of oil. The spot price of WTI is just a silly little (almost insignificant) number. At some price point, the economy breaks. Voluntarily or not, the citizens of the world accept an adjustment to their standard of living, oil recovers, rinse and repeat.
