IF you have dipped in the pool of Gene from time to time you will know that I have been steadfast in my appraisal that high oil prices are fictional and temporary.
When I'm right about something and it comes to pass that doesn't mean happy days are here again. I just means a different kind of chaos.
Oil prices are about to collapse. That will send a new shock thru the economy. Banks heavily invested in high oil prices will go bad. Oil companies, oil exploration, oil conservation, new technology innovation and a hundred other ripples will rumble thru the economy as those ventures stumble. The cure will be in some ways more painful than the disease. $4 gasoline is tolerable if unjustified. $2 gasoline is good but could be damaging long run. It will all work out - unless government gets involved (which it hopefully won't) in the end we'll be OK.
Steve Forbes was on CNBC this morning talking about all this. The interview isn't long. It's worth while. And, just for those who think Gene is nuts, then so is Steve Forbes. I might be, he's not.
He sounds the alarm as well as the hope.
Hang on Bucko, it's gonna be a bumpy ride.
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