Is oil headed to $60/barrel?

Not likely, but you can sense the gleeful anticipation among the more-of-the-same crowd given the recent fall in oil prices. In my book, this is reflective of the now well-documented drop off in demand.

We see the same thing in the electric industry. There are plenty of old dogs who insist that all this is just a lot of noise, and that we will return in due time to the same modest trend line we’ve enjoyed for fifty years. The saviors come and go: sometimes it’s cheap liquified natural gas (LNG), sometimes it’s clean coal, sometimes it’s nuclear… but the refrain is the same: soon and very soon, the future will look like the past we’ve known and loved.

Don’t count on it.