Crude oil going down????

Question

if oil going up on assumption of shortage in 5 years. then if congress allows drilling in alaska would it come down to $30 PER B.??

Answer 1

I think the gov should have done that a few years ago because it is still going to take afew years for the exploration, drilling process etc.. And also alot of it revolves around politics and tree huggers!

Answer 2

I seriously doubt that it would drop THAT low, as oil companies would never let that happen. I'd imagine that oil would drop as low as $85 per barrel.

By the way, I don't see why we can't drill in Alaska, it's technically not offshore drilling.

Answer 3

Opening up the ANWAR oil fields would bring the price down a few dollars, but you are never going to see $30 oil again.  That's ancient history.  We are in a new age of expensive oil.  Get used to it.   It is only going to go up until we find a substitute.

Anyway, it would probably take more than 5 years to develop the oil fields and build new pipelines to get the oil to market.  By that time, the price of oil will be $300 or $400 /barrel.

Answer 4

nope.  dream on.  never happen.