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40% of people believe oil will drop below $100 in the future
dailyfueleconomytip.com — The last time the price of crude oil closed below $100 a barrel was back on March 3, 2008. As of this past Friday - four months since the final sub-$100 close - the price of crude oil closed at a record high of $145.29 per barrel. And things are getting better any time soon - right?
Hawker400- 56 diggs
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- jeddjohnson, on 07/07/2008, -0/+7This crud is hard to believe.
- Hawker400, on 07/07/2008, -0/+5I think the only downward impact on price will come from a stronger dollar. The supply/demand issue isn't going away and it's only going to get worse.
- ascguy, on 07/07/2008, -0/+3Right, but are things really looking up for the dollar?
- Hangly, on 07/07/2008, -0/+3The dollar has noplace to go but down. The only thing that was keeping the value up was Japan and China's pegging of their currencies to ours. Now that the Renminbi is unpegged the dollar can freefall.
- Hawker400, on 07/07/2008, -0/+5I think the only downward impact on price will come from a stronger dollar. The supply/demand issue isn't going away and it's only going to get worse.
- phreak79, on 07/07/2008, -0/+6I wonder what encourages them to think that. The supply side doesn't seem to be easing much and neither does the demand side.
- Ricky81682, on 07/07/2008, -3/+2They realize that President Obama will investigate and root out corruption in those oil companies. If not, follow Maxine Waters and nationalize the refineries.
- phreak79, on 07/07/2008, -0/+6I'm not sure if this is an ironic comment or not. Considering most of the oil is in the hands of nationalised oil concerns in places like Russia, Venuzuela and Saudia Arabia though I doubt Obama can do much at all on oil prices.
- Ilyanep, on 07/07/2008, -0/+3I really hope that's an ironic comment.
- Ricky81682, on 07/07/2008, -3/+2They realize that President Obama will investigate and root out corruption in those oil companies. If not, follow Maxine Waters and nationalize the refineries.
- juliehardman, on 07/07/2008, -0/+5Because it has nothing to do with supply and demand! You are not going to get me to believe that whoops all of a sudden in the last 7 years we ran out of oil in the world. Under Bill Clinton who released the Strategic Oil Reserves we had gas under a $1.00. So why did we not have any warnings in the 90's about the sudden massive drop in oil production. You know why because the whole thing has been fixed. Wait until the next time oil prices start to drop again you will see a refinery catch on fire or war with iran or something that will artificially raise oil prices.
Just my two cents!- Hangly, on 07/07/2008, -0/+3M. King Hubbert accurately predicted in 1956 that United States oil production would peak between 1965 and 1970, and that world production would peak right about now.
The strategic oil reserves are a tiny ammount. Too small to have any real long-term effect.
I was yelling about peak oil about 6 years ago. But even I was wasn't pessimistic enough to imagine that the oil market would be clogged with speculators trying to make money off of it. What a *****.
- Hangly, on 07/07/2008, -0/+3M. King Hubbert accurately predicted in 1956 that United States oil production would peak between 1965 and 1970, and that world production would peak right about now.
- damian7, on 07/07/2008, -2/+260% of people are idiots
- StingingNettle, on 07/08/2008, -0/+4I wouldn't bet on it. If it does drop below 100, it probably wouldn't last that long.
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