This column on May 6 cited analysis by commodity trading experts that projected very high oil prices, over $150 per barrel, for the summer months due to the conflict with Iran. These forecasts have thus far proven inaccurate. To their credit, these experts whose analysis appeared in The Economist weekly newspaper owned up to their error(s) and are now able to explain why petroleum prices did not skyrocket to the extent the closure of the Persian Gulf would have suggested. In a word: China.
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