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Page added on May 30, 2008

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Oil Can’t Rise Forever, So It Stops

“IF SOMETHING CAN’T GO ON FOREVER, IT WON’T.” So said the late Herb Stein, the wise economist who served as Chairman of the Council of Economic Advisers under Richard Nixon.


More importantly, Stein was thought a conservative by liberals and a liberal by conservatives; in other words, someone who couldn’t be pigeon-holed ideologically. Rather than extrapolate a trend ad infinitum, this non-dogmatic approach naturally led him to conclude that before something goes to an extreme, there will be countervailing forces that will prevent that from happening.


Stein’s Law was brought to mind by a perusal of the headlines crossing the wires Thursday:


“Crude Oil Tumbles More Than $4 as Fuel Demand Declines



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