Who said it?
"Ten years from now the price of oil will be below $100/barrel."Emirates Economist - September 2, 2005
I'm a little ahead of schedule.
But, seriously, my prediction had to do with the oil supply elasticity, and with energy supply elasticity in general keeping a lid on prices in the long run. I wasn't making a prediction about where prices would be between 2005 and 2015. Since my prediction in 2005 oil prices have rocketed up and rocketed down.
Labels: ***2008, **2008, Best of EmEc 2008, Best of Emirates Economist, oil prices
posted by John B. Chilton at 12/05/2008 06:51:00 PM
3 Comments:
I hope you are feeling smug. Well done.
Heh. Something more than a year ago, when oil was around $100, I bet my brother (who has a mild case of the peak oil thingy) that it would trade below $60 before it traded above $140. I lost the bet because of that final spike in July, but my general point was right, which was that we were going to see much lower prices again.
Yes, TigerHawk, you have to be careful about how you frame predictions. I certainly tried to be.
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