On June 10, 2008, Alexei Miller, CEO of Russia’s Gazprom, told a French audience that crude oil prices would reach $250 a barrel in 2009. His former Gazprom cohort and then freshly minted Russian prime minister Medvedev did him one better… pegging crude oil prices at $500. Was it wishful thinking? Did the gentlemen overdose on “hard-money” investment newsletters and Peak Oil Theory? We may never know.

After an unparalleled fall, natural gas prices could double by next year, as a growing number of idle rigs create a supply crunch.

Crude oil has dropped form its July 11 record of $147 to just over $113 a barrel. Gold, meanwhile, has come off its March high of $1,030.80 to slip back below $800 an ounce.

Many in the mainstream press are calling an end to the “commodities bubble.” But oil and energy expert Byron King warns investors against betting against cheap oil and gold.

Byron says what we are seeing now is a short- to medium-term correction in the trends for energy and resources. Investors who buy beaten-up oil service stocks and gold miners now stand to make major profits…