Do high commodity prices speak for themselves?
Kurt Cobb resourceinsights.blogspot.com February 5, 2008 Stunning new highs in some world commodity prices have catastrophists of all types tapping out SOS in their sleep. There was, of course, the rise of oil which started 2007 at $50 a barrel and rose above $100 on the first trading day of this year, an all-time high. Wheat which began 2007 at around $5 a bushel reached $10, another all-time high, before retreating slightly. Soybeans which started last year around $6.50 a bushel ended the year above $12 and went on to set an all-time high last month just above $13. And, gold, that quintessential barometer of fear, rose from about $640 an ounce to above $900 recently, shattering its old highs. Not every commodity rose or rose by as much. But the general trend has many of those concerned about peak oil, biofuels, and the effects of climate change saying, “I told you so.” There is certainly a lot to be worried about. And, there is a good case to be made that long-term policy choices con
