"Given the market’s inability to spark a larger rally Friday following the week’s big sell-off, is it time to declare the energy bubble over?"
[Full article]
This just shows the shallowness of mainstream reporting -- and that despite the meteoric rise in oil prices over the last 6 months, that "peak oil" still has not truly transformed into a framework or paradigm for the vast majority of people.
It is also a strange thought -- that oil at $130 US a barrel would be thought of as the new bottom for oil. Whereas only a year ago oil at even $100 a barrel would have been counted as a calamity of the highest order.
I can't say where oil is going from here...focusing on the price sometimes diverts from the true issue at hand anyways. But I do know that oil at $130 a barrel is still far too cheap, and to accurately account for the massive amount of work that oil does for us -- and to ensure that our society keeps the transition momentum moving -- oil NEEDS to keep rising in price.
Despite the gloom and doom of a faltering economy, oil's rise has been slow enough to allow people to transition their habits, their mindsets and their spending. Problems will arise if oil skyrockets in price -- a sustained, even rise in price is the best case scenario for anyone who 'believes' in peak oil.
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