Oil prices over $78 per barrel today

[IrateCitizen]

http://news.yahoo.com/s/ap/20060714/ap_on_bi_ge/oil_prices

I wonder how Daniel Yergen is spinning this one. I read an article quoting him extensively when oil was over $75 yesterday, and he made nary a mention of how he predicted oil was going back down into the $35 range.

I know that many who doubt the peak is upon us will say that all of this is due to geopolitical instability and overspeculation. In a sense, they are right. However, even if the fairer "market price" for oil is in the $55-60 range, that is still a huge increase in price over just a few years ago. Based on what I've read on the issue, price volatility due to a lack of swing capacity is precisely one of the prime indicators of peak oil.

[fasttense]

1. I'm not sure if we are at peak oil levels but I am sure we are at

peak greed levels.

[Dissenting_Prole]

2. Most people have money invested

in the stock market or mutual funds. They should not be surprised when those markets do what they were designed to do - make profits.

However, at some point it will become clear that they make profits at the expense of those who are cold and hungry. We will have to chose whether we want to continue supporting such a system by investing in it. Sadly, most of us are so invested in the system now we have little choice.