A (Short Term) Bubble in Oil?

A (Short Term) Bubble in Oil?

Let’s look at a few opinions I’ve heard over the last couple of days:

  • Chuck Butler at the Daily Pfennig believes at least 20% of the current price is speculation driven

  • T. Boone Pickens (video posted yesterday) says demand is 87 million barrels per day, while the world can only produce 85 million of barrels per day – something has to give, and that’s the price, he says

What does everyone think? Does anyone have the onions to short oil right now? Or is that like shorting Yahoo in 1998?