All long term forecasts on fuel prices I have seen predict fuel prices going lower in the longer term. They say things like:
"There is more supply coming on line" One day the greenies will cave on Alaska?
"Demand will stabilise" China is going to stop growing their economy?
"OPEC won't let high prices continue" They want to make less money?
And yet once again we hit record highs - during the northern hemisphere summer.
I don't know how economic forecasters do their job. Right now I suspect they must have very damp thumbs.
Or are they trying to stop pre-emptive price increases to absorb the cost shocks that are bound to come?