Look for oil prices to peak in July 2011, around $130

I called the top on oil prices back in 2008, as it approached the unsustainable $140 mark. I could see that either oil had to fall or BOTH China and the USA would have collapsed economically. This time it has to start dropping in price by Autumn or about a dozen countries will fail...

Resistance is still at $140, and we may not even get past $130 this time, as major economies are growing slower and oil-displacement technologies (conservation, geothermal, electric vehicles, biofuels +++) are taking increasing market share.

Look for a high in July or sooner, possibly between $125 and $135.

Peace,

Joe