We don’t make predictions at Mullooly Asset Management. And we rarely hold anyone else’s predictions as credible. So keep that in mind with this post.
With oil recently trading over $140 a barrel, there is an article from the New York Times — that I think has been circulated all over the Internet — but everyone ought to read NOW, because of the topic.
Keep in mind, this article was originally published on October 14, 2001… just barely a month after September 11.
The last paragraph of the article reminds readers that in 1981, during the Iran Iraq war oil prices reached $40 a barrel. By 1986 oil had dropped to $12 a barrel. In fact, when the original quote was made (in 1998), oil was trading at $11/barrel.
Focus on the third paragraph — where Osama bin Laden, in 1998, tells the world the price where oil ought to trade at. Pretty amazing.
Don’t get me wrong. This dirtbag is a detestable person who must be captured and appropriately punished for his actions. But I am sharing this link to show the deep motivation behind his actions. And also to show the uncanny price action in oil prices.