Friday, June 11, 2010

Peter Schiff on Oil Prices

In a recent interview, Peter Schiff said he believes the only reason oil prices haven't skyrocketed is concerns by people around the world over the potential fallout from the sovereign debt crisis in Europe, which could spread far beyond the continent to infect the world.

When you take the time the year it is, the usual high-priced gas and oil summer season, the moratorium by Obama in the Gulf, and the Gulf disaster itself, and you have the elements of extraordinary oil and gasoline prices, which haven't emerged.

Schiff stated, “Oil prices Should be going through the roof right now. The only reason they’re not is because of the broad-based sell-off around the world in equities, commodities, and other currencies due to the fear of contagion in Europe. This is trumping the very very bullish news for oil. But once we hit a bottom, I think we’re gonna see a huge increase in the price of oil.”

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