Well, I was wrong. It turns out that oil didn’t hit $1 million per barrel in July. Imagine our shock when the price of oil didn’t go that high. But you know what? It didn’t hit $400 per barrel like former Russian President Dmitry Medvedev warned was imminent should countries impose a price cap on Russian oil, nor did it hit the $380 per barrel that J.P. Morgan was calling for in the headlines this summer. Some people couldn’t even keep $200 oil out of their mouths in the months leading up to the summer driving season. I know, I know, those were some pretty outlandish oil predictions. Yet oil didn’t even hit the more ... (full story)