Fatuous forecasts - The Washington Times: Editorials/OP-ED - April 05, 2005

Fatuous forecasts - The Washington Times: Editorials/OP-ED - April 05, 2005: "But in our view, the fundamentals clearly favor lower oil prices by mid-year, with a major decline as the summer driving and air-conditioning season winds down. We put the current equilibrium price of oil at $30 per barrel, up from $25 per barrel three years ago because of the U.S. recovery, a modest rise in the overall price level, and the continued weakening of the dollar. It will probably take a year or two to reach this price, but buying oil here on the grounds that it will go substantially higher is a fool's errand. "