phillips49

Forget $100 a Barrel - Oil Will Plummet to $30

Seems to me, that the author ignores the market dynamics of oil. How long does anybody think that the oil producing nations will pump more for less? Our wee changes in consumption are easily overcome with a twist of the valve. It ignores growth in other countries and their impact on the competition for oil. It ignores the fact that global production has been flat for several years. It ignores the fall off in oil production by PEMEX, one of our largest suppliers. It ignores the political unrest in Nigeria. It ignores the impact of the additional 200,000 bbls of production by Saudi. It ignores the time and the cost to replace domestic energy with alternate forms. It ignores the fact that the USA is fragmented on a solution for energy and lacks a comprehensive national plan to fix it. It ignores the current impact of institutional investors unwinding their long positions in oil..........nuf said