Oil Rally of 697% Surpassed Dot-Com Craze in Speculators' Mania

Oil Rally of 697% Surpassed Dot-Com Craze in Speculators' Mania

www.bloomberg.com

The rally that drove oil to a record $139.12 a barrel last week surpassed the gains in Internet stocks that preceded the dot-com crash in 2000.

Crude rose 697 percent since trading at $17.45 a barrel on the New York Mercantile Exchange in November 2001, and reached 28 record highs this year.

Billionaire investor George Soros and Stephen Schork, president of Schork Group Inc., say oil is ready to tumble because prices aren't justified by supply and demand.

``There's nothing different between this mania, the dot-com mania, the real estate mania, the Dow Jones mania of the 1920s, the South Sea bubble and the Dutch tulip-bulb mania,'' said Schork, whose Villanova, Pennsylvania-based firm advises the Organization of Petroleum Exporting Countries, Wall Street firms and oil companies on the outlook for energy prices. ``History repeats itself over and over and over again.''

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Related AboveTopSecret.com Discussion Threads:
World has enough oil reserves, says BP boss

You know, there really is something to the Bilderbergers.

Just after the reports were in that the chief concern in their meeting last week was that they thought that oil had risen too quickly even for their greedy plans, out come articles like this--top headline on today's Bloomberg.com site--and the CEO of BP telling us today that we have nothing to worry about; there are proven oil reserves for the next 40+ years.

The bottom line: oil is a rip-off on a breathtaking scale. ExxonMobil, Shell, and BP are making $10+ billion in profits a quarter.

www.bloomberg.com
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