$150? Oil Prices Could Go Up "Very, Very Fast" Says Stephen Leeb

Following up on the post I wrote yesterday titled Oil Price Forecasts: Talks of a $300 Baril Emerge, TechTicker has interviewed Steven Leeb, very well known for his inaccurate forecasts and his complete lack of understanding of the economy stated on TechTicker that:

If this or any scenario rattles the markets and drives up demand, prices could spike as high as $150, warns Leeb. "You're going to see oil prices go up very, very fast; much faster than people think," he says. That would likely "lead to a real terrible decline in the market and real hardship in the economy." Since the 1970s, every time oil prices rose 80-100% in one year, it's resulted in market or economic calamity, Leeb notes.

Stephen Leeb is chairman of the Leeb Group and author of The Coming Economic Collapse: How You Can Thrive When Oil Costs $200 a Barrel. I think you've read everything you needed to know.

I stated yesterday that "these kinds of crazy forecasts happen only in periods of extreme and irrational exuberance. It is fair to assume that two years ago, when oil dropped to $30 a baril, the supply and known reserves were about the same as today and that the fundamentals over a period of 10 years didn't change so much during these past two years to justify a price move from $30 to $300. So my opinion is that Dow 36,000 and Oil $300 and Gold $5,000 forecasts are generally made close to long standing market tops than floors. I'm thinking that oil will trade at $20 before it trades $300." Well, guess what? The same applies to $150 and also $200.