Jim Letourneau's Blog

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I thought oil was going to $200

I guess those $200/bbl oil price targets were a figment of my imagination. Now we have a Merril Lynch report out saying that oil could fall below $50/bbl.

One of my readers (see my Facebook wall) suggests taking the average and using $125/bbl. Nobody will pay attention to a forecast if its within a few percentage points of the current price so people swing for the fences.

Given that oil has been trending down for three months it only makes sense that it will continue to decline *cough cough*.