Not Quite Yet....,

Of course, I could be mistaken. But having slept on it, this morning I'm disinclined to think that yesterday's market meltdown and oil price spike constituted anything remotely approaching the last straw. I believe that the energy bubble is still in its early phases and that controls will be implemented to ensure that this bubble expands gradually until all possible profit is extracted. If it were to explode prematurely, then TPTB would miss out on their vampiric extraction of remaining collateral value from the middle and the bottom.

Speculative analysts echoed this view;

"In the past two months nothing very dramatic has happened to warrant an increase in the oil price to $135. This is pretty much 100 percent speculation," he told the Reuters Global Energy Summit from Singapore.

"It is very likely and possible that we will go back again to the $100 range as speculators take profits and go out of the market. It could happen by end-August or latest by September."