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Editorial: The whipsaw effect

11/03/2008
Extreme swings in the price of oil are bad for everyone. Price-related political mistakes compound the damage.Before the middle of last July, the searing question was how high the price of crude might go. The answer, based on futures trading on the New York Mercantile Exchange: $147/bbl. Now the question is how low the crude price might go. The answer: Who knows? The recent low for the weekly average New York Mercantile Exchange price came the week of Dec. 11, 1998, at $11.09/bbl. Does that seem impossibly low? It did then, too.In a business whose basic commodity can change in value by a factor of 13 in a decade’s time, investment planning is difficult enough. It becomes many times ...
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