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Crying over crude

Discussion in '2003 Archive' started by Acts 1:8, Feb 27, 2003.

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  1. Acts 1:8

    Acts 1:8 New Member

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    Thought this was interesting...

    From:
    http://money.cnn.com/2003/02/27/markets/oileffects/index.htm

    "But investors would be wise to worry over the steady gains in oil. The price of light sweet crude has nearly doubled from where it was at the beginning of 2002, and just since this year began it's risen 20 percent. Such price spikes raise a big red flag. In the past 30 years there has never been a significant move higher in energy prices that has not been followed by recession."

    [​IMG]
     
    #1 Acts 1:8, Feb 27, 2003
  2. KenH

    KenH Well-Known Member

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    Yes, the problem in Venezuela for the past three months has had a major impact on raising the price of oil and there is a war premium based on the situation with Iraq. Once the Iraq problem is behind us, I believe oil will drop down to at least $30/barrel. And if the Venezuelan problem is solved and they can get their production back up close to what they were producing before December, I believe oil will drop down to at least $25/barrel. And $20-25/barrel is about the right equilibrium to give producers incentive to drill and to give consumers a comfortable price for gasoline.
     
    #2 KenH, Feb 27, 2003
  3. Acts 1:8

    Acts 1:8 New Member

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    Bush would be wise to release some oil from the U.S. reserves and then drill ANWAR.
     
    #3 Acts 1:8, Feb 28, 2003
  4. KenH

    KenH Well-Known Member

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    I could not agree more. [​IMG]
     
    #4 KenH, Feb 28, 2003
  5. HISSONGS

    HISSONGS New Member

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    I believe we would be in one accord there my brother.
     
    #5 HISSONGS, Feb 28, 2003
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