Has Oil Peaked? The tripling in prices that has occurred in the last five years has does a lot of damage to the economy – airlines, auto companies, food prices – all have been negatively affected by the high cost of oil, but now, it looks as if there may be a light at the end of the tunnel for the economy. It’ll take a few days to really figure out if this is the real thing or just a short term blip, but yesterday, Oil prices took their biggest dive in almost two decades, and today, they are already down by more than five dollars – on track to match yesterday’s fall.
Is the oil bubble really popping? Maybe, but all we can do right now is cross our fingers.