Click HERE for today's column. Oil prices have doubled over the past year (measured as of April 6, 2010 in US markets vs. April 6, 2009), and gasoline in Saipan is once again near the $4 a gallon mark ($3.779 yesterday).As for the big picture, here's one paragraph from my column:
"I reject the dreamy notions that some sort of mythical recovery in the U.S. is bidding up the price of oil. I think that oil, somewhat like gold, may be attracting money as sort of a safe haven status as a prized commodity. If that’s the case, then oil can zoom up, or fall down, based on capital that is either running scared or sitting smug. This can be a recipe for volatility, as speculation, not fundamentals, drives the oil market."
