24 Jul
Is $100 Oil Coming? $200, Anyone?
By Mike Shedlock.
I called Mish today asking about an update on crude and the U.S. dollar. It sure seems like people are complacent over gasoline prices. “To an extent,” said Mish, but he also noted how inelastic the demand for oil is. You have to drive and you have to eat. While one can cut back eating expenses by switching from steak to hot dogs, there is no cheaper substitute for gasoline.
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