Water Cooler

Contrarian Economist or just confused?

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In between the weather warnings of tornadoes and other severe weather happenings, the local ABC affiliate, KCMO aired an interview with an economist that predicted the bubble of oil prices would soon burst. Unleaded is selling in Belton, MO for $3.33.9/gal, down from a high price on the KC, MO side of $3.44.9/gal just a few days ago.
This economist based his expectations on the fact that speculators who abandoned the sub prime mortage markets had moved their money to commodities markets explaining the unforeseen rise in oil prices, grains futures, metals, and precious metals. He said that $30-$40 of the price rise for a barrel of oil was due to speculation.
He is so optimistic that he says the air is hissing out of the bubble of oil prices and that the US would see a drop in gas prices to as low as $3.00.9/gal by Memorial Day-28 May. His predictions go as far as to predict US gas prices as low as $2.39.9/gal in autumn.
I wonder what fraternity he pledged in college, Tappa Kegga Bru or Smoka Bigga Doobie?

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