Another day, another record. The price of oil has just topped $122/barrel. But, there are still a few hours left in the trading day, so it may go even higher before the bell rings. Even if it drops slightly, it will probably still close at yet another all-time high.
What's fueling all this? Several factors, including the traditional supply/demand and the ever-weakening dollar. Then, Goldman Sachs PILES ON by prognosticating that crude could go as high as $200/barrel sooner rather than later. How is a speculator to resist? Did you ever hear of a self-fulfilling prophecy?
Now, please welcome Pink Floyd, recorded 2 July, 2005 at Live 8 in London!