Why it's unlikely that oil will reach $150 per barrel

Why We Should Question the Current Oil Price Panic

Perhaps I'll look back and regret saying this, but after spending many years in both financial markets and the media, I see three compelling reasons to doubt the present alarm over rising oil, gas, and gasoline prices. These reasons, in no particular order, are: the tendency for mass hysteria and collective delusions, the influence of politics, and the fundamentals of economics.

Let’s begin with the first point. Having witnessed countless waves of public frenzy, moral outrage, and collective illusions since the rise of the internet era, I now find these episodes as formulaic and predictable as a big-budget Hollywood film.