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Yes, while oil is largely overvalued, overspeculated by now, cheap oil is a thing of the past due to emerging markets demand.
What I expect is a stabilizing gas consumption in China and India as poeple can't afford it any much more, a stabilization everywhere else in the world as poeple start to care.
Henceforth, oil repriced under $100 and above $80. $50 seems to me too low unless we develop new transportation energies.
I don't know why Warning Buffet is talking every second day about recession. There are about 3 articles per week telling of Buffet on US recession "deeper and longer than anyone think".
So why doesn't he sell all his portfolio if it so?
I still believe that the next presidency will be a major change in US politics and a boost for US economy.
If Bush were still to make war on Iraq in 2009, that would be worrying, but improvements in Iraq signals the end of it and hopefuly a less arab-oil obsessed administration will lead the country.
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