Make no mistake, Peak Oil or not, the black goo has had a helluva run - from the $35, all the way up to $85 recently. That's nothing to sneeze at, though less impressive when viewed with respect to it's freefall from $150.
If you believe that a severe stock market decline is on the horizon - as I do - then you probably also find oil's recent price action quite disconcerting. It's gotten clobbered right along with equities. If you're looking for a commodity that has held up fairly well, check out gold's recent performance.
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