Expect more speculation to occur by future market holders as they are tying to push the cost per barrel to 150.00 dollars. Yet, the best part? It will eventual collapse the oil market due to consumers purchasing all electric plug-n-play vehicles starting 2010.
As I monitor this scenario since 2003, I come to know that the oil inventory is now at a 8-year high and still growing. No matter what is being said, the consumer demand has been steadily dropping since 2006 and this is a worrisome for big oil. The goal now is cutting back on output. Last round, refineries are at 81-percent production and dropping.
Don't bother government since they do sell oil inventory to make money.
Quote:
By Leanan(Paul Laudanski (mailto:admin@peakoil.com)) NEW YORK (Reuters) - Oil prices hit a record high $117 a barrel Friday as jitters over Nigerian oil supplies outweighed a rally in the dollar and fears of an economic slowdown in giant energy consumer China. US light crude settled up ...
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