simmons is running ponzi scheme with his predictions. his tactic is: when you get wrong with your prediction just double it up. i've been watching this guy for many years now and he is just a freak - his underlying thesis is alright (Peak Oil) but what he deduce from that is just too funny.
lol the guy has been wrong wrong wrong ! So much for the so-called experts `! The price collapse is a headfake !!!! But wait isn't he long the oil sector ?
Theres no way of knowing to how many hundreds of dollars the price of oil will eventually reach, but my personal belif, that i have held since i was 8years old, is that when we are down to our last 15% barrels of oil left in Saudi Arabia, that you wont be able to just go out and buy oil or petrol at the pump as you can now. Each companies oil imports will be government managed, and will be rationed out to people, with the majority 1st being used to ensure supply for police cars and ambulances ect... Since no matter how much you laugh at the thought of paying $600 per barrel of oil at the moment, what if the nextime you went to buy ANYTHING that had oil in it, or required oil insome form to make it in (almost everything), and the price for that was now 1,200% higher than it cost today. Would you either just barley buy anything and live like a caveman in a freezing cold empty house?? Or would just get angry and frustrated inside, but then just accept that that price is the price and so if your not willing to pay that 1,200% extra you have to do without??
Is $600/barrell oil really that crazy? I reckon with inflation that would only translate to about $8/gallon for the US consumer in today's dollars. Hardly enough to make all commerce come to a screeching halt, or result in horse shite filled parking lots.