Spring 2008: “As the lack of supply growth and price-insulated non-OECD demand suggest a future rebound in U.S. gross domestic product growth or a major oil supply disruption could lead to $150-$200 a barrel oil prices,” Goldman said.

It hard to believe we went from a market heading to infinity to one heading to zero in only a few months.

Fall 2008: Merrill…said that a temporary drop below $25 was possible should China fall into a recession.

We don’t know if things are darkest just before the dawn, but we do know that when people say “this time it’s different” it’s time to start swimming in the opposite direction.

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