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Oil Spike Information for Unbelievers

Prof. James Hamilton is a leading economist at U Cal San Diego (one of the top programs in the country). He has done some important research on oil price movements, particularly relating to the factors behind the last spike.

Here is a conclusion from a piece he wrote yesterday:

“…when demand booms and production is stagnant, it is possible for the price of oil to quadruple in a short period of time.
I say that because that’s exactly what we’ve seen happen on three different occasions.”

This guy is no fear-monger.
http://www.econbrowser.com/archives/2011/01/the_first_oil_s.html

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