Will the oil bubble pop?

In April 2007, I was predicting $4 gas in the summer. I had the right idea, but was off by a year. Recently I've been seeing a few stations in my area posting 3.999 per gallon of gas signs for regular.

Over the last year, the dollar has declined in value 10% internationally, yet oil prices are over 80% higher. I don't think that's dictated by supply and demand. I'm beginning to think this is a speculative bubble. We had the dot.com bubble, then the housing bubble, even a little gold bubble recently. Now I think it's people investing in the only thing they see going up. Oil. I don't think market fundamentals are behind the sharp increases at all.

I predict we'll start hearing hucksters on radio commercials and internet ads telling us how we can make a killing by investing as they do in oil. Pretty soon, average folks will be talking about how they are thinking of investing in oil. That's when I think the oil bubble will pop. I predict that within 6 months, we're going to see oil start tumbling down to the $70 a barrel price range.

You heard it hear first folks!