Commentary, 1/2 2007

Interesting Times
They say hindsight is 20-20, and if we look back about a half year ago, we see near-record oil prices. And at that time, it looked like the sky really was the limit. But after peaks in the high $70’s, we saw a price decline that so far this winter sees prices hovering in the low to mid $50s. Last fall, many analysts felt that the $50s would be the “natural” price, but few saw it happening so quickly.