1973 All Over Again!
Not sure where to post this. Just when we thought fuel prices were coming down.
Look like the oil speculators/traders are tring to influance the market by holding back oil!
There basically playing the oil like any stock. Right now the processes are down, so they are buying the oil and stockpiling it in hopes that it goes back up. It would be the same as me buying a couple 500 gallon fuel tanks and filling them because I think the gas prices are going back up.
Originally Posted by AKBassking
I seriously doubt the oil prices will go back up anytime soon. OPEC is trying to shut down oil production in America. The production boom in ND, Canada and most of North America has cut back our importing their oil. They increased production to drop the prices so American oil companies would stop exploring and shut down some of their wells because its not cost effective to run them. If they keep up the production it will work for a while. There already talking layoffs on the slop and platforms here. It will be more like 1986 for us.