When the Wall Street Journal runs a story entitled “Oil Prices Could Go Either Way,” you can be sure there is confusion in the land. In preparing the story, the Journal’s reporter called the usual array of Wall Street energy gurus and got sharply mixed responses. Some thought oil prices were about to follow the typical seasonal pattern and drop – perhaps as low as $50 a barrel. Some thought there was at least $10 worth of hedge fund speculation in the $80+ prices. Others, perhaps more attentive to what the government agencies have been forecasting for the coming winter, talked about $90 or $100 oil before spring. What’s a poor reporter to do but write an “either way” story?
