Then again, the more the market falls on the fear of an interest rate
hike, the less likely it becomes that the Fed will pull the
trigger on it
in the near future, which will then push
prices back up.
That rebuttal nicely sums up a lot of the accepted facts of unwavering peakoilers, e.g. that it's been conclusively shown that oil
price hikes are linked to recession (not really; e.g. wrong macro policy responses to oil - led inflation often tried to tackle it by raising interest rates, which just compounded the problem and possibly
triggered recession by itself; uncertainty
in price is often more important to investment decisions that which direction it's going
in, given that fuel costs are actually not a large % of overall costs.)