THEY have a saying in Saudi Arabia: "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel." Maybe living in that part of the world makes you pessimistic, but these words do hint at a theory and a new attitude thatfiltered through the energy complex in 2006. Crude oil rallied nearly 20 dollar a barrel from the February lows to the July highs in 2006. Is rallying during this time frame unusual? No, not really. It rallies in this general time frame almost every year. What was unusual was how fast and far it rallied, and how long it stayed above 70 dollar a barrel. It was record-breaking.
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