I think oil will range trade between $55 to $65 for this year. Worries about global economic slowdown and new non-OPEC supply coming to the markets will keep a lid on prices. Support for prices will come from geopolitical uncertainty, energy assets being nationalized and strong demand from developing countries. I figure oil will grind it out within this range and then go up.

New cheap oil discoveries is simply becoming a thing of the past. Furthermore, many of the new potential reserves are located in politically unstable or non-Western friendly nations. Long term demand is projected to increase but production is hard pressed to match the greater need.

I have to agree with you but look at uranium instead. There is a shortage of this stuff and it is real.

The price of oil is crapping out thanks in part to OPEC failing to adhere by there production cuts. These sheiks and dictators barely manage to cut only half of the announced production cuts. The markets are treating their announcements as they should, A JOKE!!!!

With the price of oil crapping out, I'm sure the fat cat oil executives and sheiks are cutting back on there lavish spending. I guess Ferrari and call girl agencies will see a drop in business. Let the good times roll for us regular consumers!!!!

Here's the latest news: The U.S. said it will double the size of the nation's Strategic Petroleum Reserve. The reserve will increase from its current capacity of 727 million barrels of oil to 1.5 billion barrels over the next two decades. This translates to about 100,000 barrels of oil daily. Based on this announcement, the price of oil surged $2 to about $55. I figure part of the reason why oil jumped so much today is short covering.

Where are the oil bears now?????