A barrel of light, sweet crude is dropping like a brick, will it go back under $100 per barrel in the future?

Question

There is a glut of oil, the cats out of the bag, the price is dropping as it's expense increases have caused an economic slowdown world-wide. When America has a recession the world feels it as they have a big-stake in this nation by buying up everything they can from real estate to businesses! When America suffers, so do their investments in this nation. Will oil return to below $100 a barrel in the future? Explain why you feel it will or it will not, and what will the price of fuel be should it happen?

Answer 1

It will go down to $100 per barrel by the end of the year.

Answer 2

It will go back up again.  This is just the eye of the storm.

Answer 3

I think it will drop. Then try being a speculator in public without protection.

Personally the only thing bothering me right now is if the price goes up, the price at the pump rises almost instantly. When it goes down it takes weeks to go back to normal.

Answer 4

We can only hope.

Answer 5

It seems to me it started dropping right after Bush announced he wanted to lift the ban on offshore drilling. It's almost like the speculators are thinking "hey, if America starts drilling more of their own oil the demand for OPEC oil will go down". Wow, what a concept.