economy
Oil was $140 a barrel on Monday, now it's below $133 a barrel either because Vladimir Putin farted or the U.S. released its
fuel stock figures — we're not sure. Is
Peak Oil real, or is the myth driving investors to get nutty with an otherwise healthy market? A decade ago, when oil was cheap, it was a "controversial theory," reported in the
San Francisco Examiner, that predicted the party wouldn't last very much longer. So why was the conventional wisdom of OPEC fantasists, who warned of "$5 oil," so laughably bogus? (
The Economist devoted a cover story to it; see left.) Who made false predictions then, and who's really talking sense about the state of the industry now?
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