One of the most interesting pieces I've read in the past week is entitled "Socialist Oil Death Spiral" by the renowned economist and business leader Richard Rahn. 

Rahn predicts crashing oil prices in the years ahead as new technology comes online and North America develops vast oil sands and oil shale deposits.

His prediction doesn't help with the short-term pain, but holds out a possible long-term gain. 

If you believe in the power of free markets, the piece may ring true for you. For others, it may smack of wishful thinking.

Rahn also goes counter to the "peak oil" theory; that the world has just about tapped out known oil reserves and that prices are about to go through the roof ($7 a gallon or more).

He says oil prices are artifically high now because most of the world's oil is pumped from the ground by inefficient state oil companies.

<< LATEST ENTRIES >>