Oil Is On Sale And Warren Buffett Is Buying, Should You?
Michael Prince/The Forbes Collectiont makes sense to be bearish on oil prices right now. The sharp pencils agree that the U.S. is headed for imminent recession, prodded by a crisis of confidence in our banking system. The price of oil has plunged by 17% since the first week of March, to $67 per barrel. Natural gas is down 50% since December. Shares in the companies that drill for the stuff have sold off by about 20% in recent weeks.
Still, his $94 is a good sight higher than where we are today. Is such price bullishness at all realistic? The best passage from Buffett’s recent annual letter made it clear that he doesn’t have any oil price crystal ball, but recognizes the diversification power of fossil fuels to Berkshire’s long-term health, especially given massive federal government deficits.
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