The fundamentals don’t justify an oil price over $100 a barrel. It is the nature of bubbles that they expand farther and last longer than anyone logically imagined but they always reverse. Exactly when the oil price bubble will burst is still unclear, but it could be within the next year. We’re looking at everything that has been hurt by fuel for deals.
-Wilbur L. Ross, a famed contrarian investor July 17, 2008
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