forecast likely price of oil in 2008 an explain reasons behind forcast?

Answer 1

Many people spend lots of time trying to forecast the weather, interest rates, the economy, the stock market and now the price of oil. And oil prices depend on the previously named factors!

OPEC has pretty much said that the new floor for for light sweet crude will be $38 a barrel, I would say closer to $48 in 2008.

Depending on Geo-politics, interest rates, and recessions, the high would be a maximum of $99, it still being a little early for the evil $100 mark, although if we get mucho hurricanes in the gulf, some greedy speculators will break that level.

Median price in 2008 -just below the mid point - about ~$70.

Don't bet the farm though.

Answer 2

prices will rise because oil and fuel is not the only thing we use useing crude oil
plastic have you seen the prices rise on these no and we use more plastic than oil and fuel so the crude oil will be used up very fast untill we find a substaute that works cheaper and better that plastic does eg its in your house car kitchen ware work fridge factores nasa all use plastic of some sort and use it faster that we can use oil and fuel eg polystirean its used once and thrown away eg tv pakageing and stuff