Eighty-Three+ Dollar Oil

Oil prices continue to push ever higher into record territory, and have remained steadily at or above eighty dollars per barrel for the past several weeks. Light sweet crude traded above $84 yesterday, and closed at $83.69.

It has now been more than two and one half years since I warned of the coming surge in oil prices, and twenty-eight months since my first post on a what has become a long run of record closes. Sometimes it takes a while for doubters to be persuaded, but by now it should be evident to all that the upward march of oil prices is not anomaly but reality. Now if we can convince the doubters about global warming....

Copyright (C) 2007 James Michael Brennan, All Rights Reserved