>>I agree with you we may be near the top of this oil price rally. In the longer term, do not forget the increasing use of alternate energy ( corn, electricity, and lately an israeli company generates bio-gas from algues ).
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>Corn based ethanol requires more energy to produce than it creates.
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It is a different kind of energy. Oil is important as a portable energy media (for cars). If ethanol could replace it, and it certainly can, then spending some more 'non-portable' energy, produced from uranium, would be quite justifiable. Oil is overbought, though gold not.