Why?
Because the Economies driving the surge in oil usage are going to be hit big time by a massive turn down for goods and services over the next year.
This is already happening in some Asian countries and it looks like Europe is following suit.
China may be using lots of oil now but if the world stops buying their junk the citizenry will revert back to bicycles and ox carts.
I predicted high commodity prices two years ago when our government started to let the dollar weaken against other currencies.
Some wrote back saying I was absolutely bonkers.
The fed needs to raise interest rates on Democrats.
That is an excellent point! What good is having money and not being able to use it in a dead global economy? I have faith in the intelligence of these oil producing states, greed wise....
Nice post OKIEDOC