I am a fellow blogger whose family has been in the oil business
since the 20's I am still in the business. That is why I am back to
day trading. Our company is located in the Permian Basin in West
Texas. I agree with your possibility of $25 oil this year. Rigs
aren't moving and as you know many of the largest exploration
companies are sitting right now. Demand is obviously down
worldwide.The Sauidi's just made 3 new major oil discoveries and 2
nat. gas discoveries. Opec won't keep their cuts for long, they
never have. Opec makes money at $25 oil, we don't. Unfortunately I
agree that cheap oil is here to stay for awhile.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
Title: Oil Price Opinion I am
forums opinion on crude oil
Posted by rogerv on 8th of Jan 2009 at 01:07 pm
I am a fellow blogger whose family has been in the oil business since the 20's I am still in the business. That is why I am back to day trading. Our company is located in the Permian Basin in West Texas. I agree with your possibility of $25 oil this year. Rigs aren't moving and as you know many of the largest exploration companies are sitting right now. Demand is obviously down worldwide.The Sauidi's just made 3 new major oil discoveries and 2 nat. gas discoveries. Opec won't keep their cuts for long, they never have. Opec makes money at $25 oil, we don't. Unfortunately I agree that cheap oil is here to stay for awhile.