2007-03-28 07:29:43 · 10 answers · asked by Colonia 2 in Business & Finance ➔ Investing
No. As long as there is a "fear"factor, oil can rise a bit more. At the moment, there's still a good "fear" premium driving up the prices even though there's plenty of supply. With the instabilities in the Middle East and w/ Exxon, and with summer driving season coming up, etc, here's enough to keep prices propped up for a bit, but we'll see.
Hope that helps!
2007-03-28 07:42:48 · answer #1 · answered by Yada Yada Yada 7 · 1⤊ 0⤋
When oil had topped out at $80 the estimates at that time were that price included $15 as a political fear factor making the fundamental price around $65. Since then it has largely fluctuated around 58 to 62. A little political flack with the Brit sailors and it jumps up a bit again providing opportunity to profit. Right now it looks like the political situation will simmer and then be resolved. So the price is likely to do the same. Simmer and maybe bump up to $66.50 then slide back down to $59. How's that for a specific prediction?
Update: As of 4-1-07 crude is 65.87 after topping out a bit over 66. Any spark can still send it up and past my prediction of course and it will takes a few weeks to see if my 59 turns out to be correct.
2007-03-28 20:48:13 · answer #2 · answered by gatzap 5 · 0⤊ 0⤋
Nope, all it takes is OPEC to reduce production, or Iran to threaten tankers again, and we will see $80.00 per barrel oil. The best option is drill off Florida and California for the oil that is there. Every barrel we bring up, reduces our dependence on the Middle east by one barrel.
Put the oil platforms 50 miles off shore so they cant be seen and drill away. hey California, you have lots of oil in the ground. Remember all those wells in Santa Fe Springs, Signal hill and all around???? Its not on land any more, it is out in the water so, drill for it.
2007-03-28 14:40:53 · answer #3 · answered by bigmikejones 5 · 0⤊ 0⤋
Nope, I think they will probably get to about $70/ barrell when all is said and done. If you think about it, does it make sense that when oil prices increase per barrell, we automatically see a jump in price even though the gas in the tanks was bought/put in weeks prior. Where is the justification there?
2007-03-28 14:33:13 · answer #4 · answered by Bob V 2 · 0⤊ 0⤋
No. Oil is a limited resource and as we continue to deplete its price will go up. Demand is increasing while supplies are decreasing...this is a sure recipe for higher prices. That's my answer for the long run. If you're talking about a smaller time frame then it is quite possible that oil prices have topped out for a while, but I wouldn't count on it.
2007-03-28 14:33:53 · answer #5 · answered by w00hahaha 3 · 0⤊ 0⤋
Yeah right! LOL!
http://www.futurist.com/2007/02/03/oil-peak-is-about-now-300-coming/
2007-03-28 14:41:29 · answer #6 · answered by pretzel2222 3 · 0⤊ 0⤋
There is a limited supply of oil. Unless we find alternate modes of transportation and there is a huge drop in demand, oil prices will rise forever.
2007-03-28 14:32:39 · answer #7 · answered by mattymomostl 3 · 0⤊ 0⤋
no. oil isnt an everlasting resource. but it would be nice to think so. im sick of paying freakin 3.25 at the pump
2007-03-28 14:36:44 · answer #8 · answered by Syd 5 · 1⤊ 0⤋
no they just went up again today there was some kind of terroist threat
2007-03-28 14:33:05 · answer #9 · answered by wildrice64 4 · 0⤊ 0⤋
No.
They'll find a way to rape us for more.
Resistance if futile.
2007-03-28 14:44:51 · answer #10 · answered by Anonymous · 0⤊ 0⤋