Last November, I wrote a post stating my opinion that crude oil prices are in a price bubble that would eventually pop similar to the tech stocks in the early 2000's and the housing market in 2007. To me, it just seems to make sense. The VERY rapid increases in oil prices that we have seen in the past year alone can not be simply related to supply and demand fundamentals. The increases have just been too huge.

Today, Yahoo! Finance has a video interview with David Herro who was named one of the "World's Greatest Investors" in 2007. In the interview, he reaffirms my position that oil, as well as other energy commodities, WILL see a price bubble burst. After that, he expects oil to retreat to the $60-80 per barrel range. Those numbers are still much higher than they were a few years ago, but that has been SOME increase in demand since then, primarily in developing countries.

So even though we are currently paying around $140 for a barrel of oil, and around $4 for a gallon of gas, we can expect better prices to follow.