A small shortfall in supply can trigger a significant increase in $/bbl. I suspect OPEC is lying low because they do not want to be blamed for the recession and would be happy to see some of the hysteria over alternate energy dissipate.
Once the global economy starts upward again, oil will start back up as well.
Oil: A Slippery Slope Ahead? [View article]
A small shortfall in supply can trigger a significant increase in $/bbl. I suspect OPEC is lying low because they do not want to be blamed for the recession and would be happy to see some of the hysteria over alternate energy dissipate.
Once the global economy starts upward again, oil will start back up as well.