I guess we'll find out if my hyper-sophisticated model of the markets for oil and gas is corect. If, as Yglesias says, oil price starts spiking anytime there's a bit of good economics news then what that means is that the demand curve is dangerously near the verticalish part of the supply curve. Worldwide slowdown rescued us from high oil prices temporarily, but economic rebound or the general trend growth in oil demand will push the demand curve back outwards and then....
WHEEEEEEEEEEEEEEEEEEEEEEEEE
But, hey, what do I know. I though oil prices might come down somewhat from their highs, but never again as low as they have been.
