Oil is showing weakness right now. Its a political problem. If we can get the Democrats on board with the idea of expanding our oil and natural gas production, there is another 25-30% drop in the speculative portion of the price.
Assuming the voters put the squeeze on Congress and they want to keep their jobs, we could be seeing $100 oil in a few months ($3 gas would soon follow).
That's a big "if", though. There are an amazing number of people in Washington right now trying to RAISE the price of gas and diesel, and at the first sign of any softening in prices, they immediately mention new taxes on fuel.
|