A case for rising energy prices
by Joseph Holleman
Editor's Note: Mr Holleman was bold enough to write this in mid-June 1985 for our December issue.
Whether correct or not, we feel an example of the thinking behind taking an actual position is valuable
for our readers.
Turn on your television set or pick up any newspaper these days and it won't be long before you'll be
hearing the latest predictions that oil prices will soon collapse.
It's even being forecast that soon you'll again be able to find gasoline for 50 cents a gallon at your local
gasoline service station.
And with OPEC members continuously backstabbing each other and seemingly never able to agree on
even the time of day much less benchmark crude oil prices, it seems only a matter of time before those
rosy predictions become reality and OPEC dissolves into nothing but a bad memory.
At least that's what all the "experts" keep telling us.
In fact, right now you could probably fit all the energy analysts with long-term bullish opinions on energy
prices into an average phone booth.
You might even have extra room in that same booth. Recently, I called several major brokerage firms to
see if they could recommend anybody, anywhere who presently had a long-term bullish opinion on the
Not a single firm had anyone to recommend.