I agree that now is not the time to buy but I dont agree about a recession within a year. A recession of what? If Americans don't spend as much any more because price of gas is over $3.50, guess what; Americans will "just" be buying gas and nothing else and oil will remain as high even though a "recession" is happening.
The only way to lower the barrel of oil is to either find more oil, or have stop paying for gas. NEITHER of those will happen. So as the Barrel of Oil climbs past $75-80, we'll still go to the pumps and the demand for oil will still be there (even during a recession).
Remember, this country is more populated now then the past. More of us are using oil, especially because more houses were built to.
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