Many Americans will be asking for a gallon of gas in their stockings this year. Oil hit $83 a barrel yesterday. Storms in the Gulf again.
And, storms in the Middle East, Nigeria, and Venezuela. Tight supply out of OPEC. And, China sucking up oil like a vacuum.
Oil bears want Wall St. to believe that prices are rising because hedge funds are putting money into oil futures and because the dollar is weak But, oil is rising because the world is beginning to run out of the black gold. There is no reason for the Saudis or the oil companies to increase supply even if they could. It is not good for business.
The government of Dubai is going around picking up everything from a big piece of the Nasdaq (NDAQ) to commercial real estate.
With the price of oil likely to move to $90 as the winter sets in for the Northern Hemisphere, Dubai may end up owning a lot more assets in the free world.
Douglas A. McIntyre
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