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Lube-
Interesting. I invest in a few oil stocks, and even with my meager knowledge I could have predicted that oil would hit $70 at some point. Summer is the big season...the most driving...heavy power demand due to A/C.yadda, yadda, yadda. It wasn't going to take a political crisis to get it over $70.
$100??? Maybe, but it is a 50% price increase which Pareto efficiency says would need a 50% increase in demand. Even with China and India putting demand on oil, I am doubtful it will be a 50% increase any time soon.
That said, the other factor is supply. If Iran shuts off exports (or Venezuela or Nigeria) then yes, I could see $100 based on sheer hysteria.
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1967 R50/2
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