I’ve been saying this oil bubble we’re in is about to burst. I said just this morning:

Did you notice the prediction for $12/gallon gas? That’s usually the first sign of a bubble bursting. Just file it away for now.

Apparently, you’re not going to have to file it for long, now. The Telegraph:

The perfect storm that has swept oil prices to $132 a barrel may subside over the coming months as rising crude supply from unexpected corners of the world finally comes on stream, just as the global economic downturn begins to bite.

The forces behind the meteoric price rise this spring are slowly receding.

The article goes in in some by market and by source detail, on what’s happening. Suffice it to say that all is proceeding as I have been saying it would for the last two months, now.

Tags: , , , , , , , , ,