A 'Bottomless Well' of Energy?
DOES CRUDE OIL ABOVE $50 have you scared? The conventional wisdom is that prices like these are recession-makers, but so far it hasn't been true. Motorists just keep pumping the gas and buying up a storm at Wal-Mart Stores (WMT), too -- and the economy keeps pumping along.
But what's really scary is the nightmare vision of oil trading at even higher prices. There's no shortage of doomsday peddlers out there talking about $100 oil. But remember, when the Nasdaq was at 5,000 almost exactly five years ago, there were plenty of people who said it was headed to 10,000.
Today's oil bulls have their stories. Accelerating demand from China and India. Dwindling reserves. Geopolitical instability. Terrorism.
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