Now there is one more argument for the bears to dogde, they might be political hacks but their bets are usually right http://www.energybulletin.net/43720.html http://news.morningstar.com/articlenet/article.aspx?id=237115
Kind of a weak article that barely can get their facts straight: "Therefore, the sun and the wind are essentially the only truly renewable alternative energy resources..." They have not heard of "renewables" such as biomass, hydroelectric, smart grids/superconductors, redesigning current processes to reduce waste and energy needs, geothermal, breeder reactors, conservation, fusion and wave energy? For heaven sakes, they are even finding out that the sewage treatment process can yield energy. Even the mouth of rivers, where fresh and salt water meet can be utilized as a source of energy.
"Smart/wealthy" people can lose their cool at market peaks. Buffet and Munger are no different. Their stance is occuring at all-time high crude prices, as it should. It would be even better if those two became hysterical about corn prices too. Stay tuned.
what about you nazzdack, whats your long term view on oil?no doubt crude seem vulnerable to a decline now but long-term I think they are right