Steve Forbes has been saying the oil market bubble is going to burst.
"I'll make a bold prediction... in 12 months, you're going to see oil down to 35-40 usd a barrel," he said, according to Agence France-Presse.I wonder if he'd care to revise that now. My gut says it would be good if it the price of oil was cut in half, especially with some major rebuilding expenses around the corner. But I wonder whether that would cripple the oil refineries the way 9/11 did to the airline industry.
"I don't think it's going to go to 100 usd but if it does the crash is going to be even more spectacular," he said. "It will make the hi-tech bubble look like a picnic -- this thing is not going to last."Sounds like Forbes thinks it might.