Your predictions for Crude Oil prices?

[mcvickj]

Currently crude oil is at $52.23 a barrel. I remember reading a story about three months ago where they said it would never reach $40 per barrel.

Some are saying the recent string of hurricane's and the possible threat of a strike in Nigeria are to blame for the raising prices. Crews are rushing to get the rigs in the Gulf Of Mexico pumping again but rough sea's have been slowing them down.

Personally I think we just need to kick OPEC square in the ass. Gas prices have been so unstable as of late.

One day the local gas stations was at $1.83 for 89 and then the next day it was at $2.05. Of course I didn't feel like getting gas after comng home from work that day. Of course now I am really wishing I did. 🙁

 

[amcdonald]

I predict that there are people far more qualified than me to specualte oil prices and handle OPEC.

 

[43st]

These prices are set by scarcity, not OPEC. I wish it was OPEC.

 

[Beau]

I thought the current consipracy theory was that Bush was going to get them lowered right before elections.

 

[Mark R]

Actually, I'm not sure it's entirely right to blame OPEC for the high prices. OPEC announced earlier in the year, that they were pumping all the oil they could, and that there was no more available soon.

Since then Saudi have brought a couple of mothballed fields out of hibernation - unfortunately, the very heavy 'sour' oil in those fields is virtually unrefineable, and there are very few refinaries that can process it - those refinaries are already maxxed out.

At least part of the problem is due to speculation, and the recent severe weather in the Gulf of mexico, but some is certainly due to decimation of Iraq's oil infrastructure due to fighting (and who can we blame for that).

 

[imported_Tomato]

$2.49/gal for reg. unleaded over here in LA.