Oil is trading below $100 a barrel. I guess that’s good news, particularly because this good be the beginning of a route:
“Investors seem convinced that global growth is done, and that will take the commodity cycle with it,” said Jan Stuart, an energy economist at UBS in New York. “People seem to think this is the end of the five year oil bubble. Anything relating to energy is a sell at that point.”
But, I think our long-term health would be better off if gas prices remained around $3.50 per gallon. High gas prices certainly made us look toward alternative energy with more than a token glance.
(Hattip: I’m effectively repeating something I read on Instapundit a few days ago. But, hey, I agree with it.)