Since the bull market in oil began in 1999, the price of oil has corrected by 40% 5 times.
Personally I buy the oil depletion argument. The risks of not respecting are too great for a business like mine - farming. Takes 150L of oil equivalent energy to fertilize one hectare (3Tonnes) of wheat. The first thing I'll be doing when the price of diesel comes back is filling all my storage to the brim again.
30% of the US corn crop goes to ethanol and 40% of the Brazilian sugar crop. Surely that wouldn't happen in a world awash with oil. Nah ... its not over yet. It'll never be over. Prices will simply edge higher and higher and higher and higher over time.
If you've thought of it as a conspiracy theory all this time you have done yourself out of a once in a lifetime opportunity to make yourself very wealthy out of inflation hedges.
