Does anybody think that the price of Crude oil will get below or around $100 a barrel?

Question

Does anybody think that the price of Crude oil will get below or around $100 a barrel?

Answer 1

No. As oil resource become more depleted, the price will go up and up and up and up until it reaches $300 per barrel at the end of the year.

Answer 2

it could do anything, it could go way up, or it could go way down. I wouldn't try to capitalize by buying oil stocks, you might get burned. I would prepare for the worse but all the time knowing that its likely not going to happen.

Answer 3

I have to disagree with the first responder. The oil is not becoming depleted. I think the price will go down again. These spikes have happened before.

The irony here is that 85% of the oil reserves in the U.S. have been declared off limits. The Greens and Liberals simply will not allow oil drilling in the U.S. The President had to go to Saudi Arabia two weeks ago to ask if they would increase production, to bring world prices down. Of course, they said no. It's stupid because we can't increase our production. Billions of barrels of oil on our own turf, and we can't touch it.

With oil prices as they are, drilling in Alaska looks more viable. So the anti-everything people last week began a rumor that Polar Bears are endangered and should be on the endangered species list. Naturally they are not endangered. Population has been growing since 1974. But if they were on the list, that would prevent Alaska drilling.