The Oil Correction

Recently I explained why I have not joined the rush to dump the gas hogs and buy an economy car: the recent run-up in oil prices is simply unsustainable.

Now, the price of oil has already backed off 14% from its high, and it looks to go even lower.

Analysts at Lehman Brothers now forecast average oil prices of $110 in the last quarter of this year, falling to $90 in the first quarter of next.

My fear now is that it will drop so low that energy — especially the domestic drilling issue — will become a non-issue in the fall campaign, allowing Obama to return to his empty message of “change, hope, yada, yada, yada” to mesmerize the electorate. And Americans have such terribly short memories, they’ll fall for it.

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