Quickly, Sherman ... into the wayback machine, where we find the usual suspects making the same, stupid predictions:
November 29, 2004
Take $10 off the Price of Oil
by Steve H. Hanke
Steve H. Hanke is a professor of applied economics at The Johns Hopkins University in Baltimore and a senior fellow at the Cato Institute in Washington, D.C.
Oil prices have more than doubled since 2001, hitting $55 per barrel in mid-October. This price surge has produced a great deal of handwringing and gloomy predictions. Doomsters claim that output simply can't keep up with demand--that we have entered a new era of permanently high oil prices.
Not to worry, though, since Steve is apparently a graduate of the Bill Kristol School of Being Perpetually Fucking Wrong About Every Goddamned Thing in the Universe:
Before we jump on this bandwagon, let's take a look at the price behavior of WestTexas intermediate crude oil. If we adjust prices to today's dollars, the average oil price from 1988 through October was just under $28, and 95% of the time the price fell within a range of $14 to $41.
Oh, let's just leap ahead to the fuzzy, sparkle rainbow, hand-clapping conclusion, shall we?
I predict that the further consequence would be to send oil prices down close to the historical average, which is just under $30.
And how's all that optimism working out there, Nostradamus? Whoops ...
And remember, when the U.S. invades
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