Any Economic Experts Willing to Guess What's Going to Happen to the Price of Oil?

[werdd]

The solution is to drill offshore, on land, mine shale oil, and drill in ANWR. Also buying oil from Brazil could be ideal. They have the 8th biggest oil reserve in the world, and they are talking about scaling up to an operation similar to Saudi Arabia.

But we have all the bullshitters on both sides of the isle preventing all of these things. The libtards cannot realize that we pollute the enviroment shipping tankers across the atlantic everyday, and the republicans are in cahoots with the Saudis.

The price of oil is reaching that point of where it will actually be greatly profitable to even go back over the reserves in texas that we only drilled 1/3rd of the way, there is still tons of oil in TX.

Actually, Saudi Arabia will not even say how much oil they have left. They could be running out, even though their output is largely stable. The US official plan was to suck all of the oil out of these countries, and keep our reserves for tougher times.

Well i say times are tough, and we need to find our own.

 

[DriftWood]

I agree, the value of gold to oil has been 10/1. Since Gold is in the 900s, the oil should be around there at tenth the ratio. I suspect both Gold and Oil (after the correction) will jump up. Gold probably will top out at $1,200/oz and oil around $150/barrel. After that, it really depends on how bad things get.

The main reason Oil will make a correction right now, is that the demand has dropped off significantly due to price ($4.05/gal in Syracuse NY, first time this weekend.) Everyone is feeling the pinch, as a result shopping malls continue to be empty, prices of food continue to rise, financial crisis is getting deeper and deeper.

I will certainly take the opportunity of this Oil correction. I've already bought some gold/silver and will purchase more soon as well.

hmm.. i think any decline in demand in the US for Oil, will probably be more than offset by the demand in developing countries. All those Chinese etc that got urban lifestyles, will not go back to live in the villages just because oil got more expensive. There really is no turning back the demand for oil, and the supply is pretty much maxed out. Oil could theoretically go as high as the cost of production of fuel from plant sources, like sugar. Last time fuel was this expensive Brazil turned some of its sugar piles into fuel for their cars..

Cheers

 

[voytechs]

hmm.. i think any decline in demand in the US for Oil, will probably be more than offset by the demand in developing countries. All those Chinese etc that got urban lifestyles, will not go back to live in the villages just because oil got more expensive. There really is no turning back the demand for oil, and the supply is pretty much maxed out. Oil could theoretically go as high as the cost of production of fuel from plant sources, like sugar. Last time fuel was this expensive Brazil turned some of its sugar piles into fuel for their cars..

Cheers

Thats why this only applies short term.