The writer needs to read his history. Oil spiked dramatically in the spring of 2008, and the price shock “burst the housing bubble” and triggered the crash. The spike in oil prices was its own bubble, and the reduced economic activity caused by the crash burst the oil price bubble, and it’s price collapsed as well.
Not much in common with today.
Exactly. It is a glaring oversight to not mention that huge price spike that preceded the crash.
“The spike in oil prices was its own bubble, and the reduced economic activity caused by the crash burst the oil price bubble, and it’s price collapsed as well.”
It was the words of one man in 2008 that brought down the high oil prices. The priced started to drop the day after he made the announcement. Lets see if you remember what he said.