Your article is flawed, you mention new oil coming on stream but you didn't mention depletion, even CERA says that depletion will be 4% per year. Also the ability of Tar sands oil to expand is limited, so overall I don't believe oil will drop in price for supply reasons. Oil could drop to 70$ this year but it doesn't mean anything long term.
The Oil Scam Driving Crude Over $80 [View article]
I dont understand his point. Oil is fungible so if oil is being turned away from US ports then there will be a glut elsewhere. I live in europe and petrol is not getting cheaper at the pump even though the euro is increasing against the dollar.
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