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To: saveslivesbyday who wrote (124347)	5/21/2008 10:08:37 AM
From: Think4Yourself	Read Replies (3) \| Respond to of 306849

Why is oil "clearly" in a bubble? China's need for oil is skyrocketing, as are the energy needs of many other countries. OPEC claims the world is well supplied but it is pretty universally assumed that Hubbert's peak has come and gone already. In the case of rapidly rising demand and falling supplies, prices will rise rapidly. Can Saudi Arabia ratchet up supply whenever they want? You can't listen to what they say because they will always say "of course!". I do hope you are right and this is a bubble. If it IS real then the prices right now are at the bottom of an exponentially rising curve and very hard times are in the offing. The severe injuries to our economy from high energy prices should eventually reduce worldwide demand for energy. Americans consume the most energy per capita so if Americans cut back it should have a significant effect. Americans are definitely cutting back on energy consumption right now.