Not real estate related, except on the farthest periphery…

Could the price of oil be in a bubble right now?  Of course, the industry experts are convinced that oil price escalation is different that real estate price escalation was… or internet stocks… or oil back in the 1970s…  Of course, real estate was different than all of the other bubbles, as was the internet stock price increase.

I’m no industry expert, and there are a lot of people that study oil prices more than me… but if the run up in prices is because of speculation, then it will only take the right news to pop the bubble and introduce fear.

That could be the US figuring out that we could pull 5 million barrels a day from ANWR and the outer continental shelf and the new finds in ND and MT.  If that were followed up by the President announcing that we WOULD be finding a way to extract oil from oil shale, and that some unused military bases would be converted to oil refineries… there would be fear about future price increases.

It would be fun to see some of the speculators get nailed with the shorts down…