Friday, August 13, 2004
I hate to harp on this, but I'm a harper by nature. The SUV glut has crested. Gas is just too damn expensive, and in real terms, it's only slightly half of what it was in the 70s. That means, if gas is running out in the world, we have a long way to go before we run into serious trouble. If 45 dollars a barrel is enough to make SUV sales go down by 5 to 10 percent, you can bet that 70 dollars a barrel will make them nonexistent. A revolution in Saudi Arabia, Putin arresting the heads of the Russian oil mafia, or the US attacking Iran or Syria, and those prices are goners. Get ready for a rough decade ahead!