Robert Shiller thinks it might be time to buy oil.
In an interview with German newspaper Frankfurter Allgemeine Sonntagszeitung, the Nobel Economics laureate said that in a world without many alternative to stocks, it might be a good time to buy oil.
“It’s difficult,” Shiller said, “But I think now could be a good time to invest in oil or in a rise in oil prices.”
“Prices are very low and there are a lot of reasons to assume that they won’t stay low. That’s what I’ve bet on,” Shiller said.
Shiller also told the German paper that the current rally in stocks is being driven by fear more than anything else, and said that while he believes “there are bubbles,” central bankers are not to blame.
Since June of last year oil prices have fallen by about 50%, and with oil market continuing to be flooded with supply, Wall Street analysts have reiterated their calls that oil prices are going lower still.