Kevin Kerr of Global Commodities Alert explained $300 oil was still a possibility - since the momentum to drill for more oil, improve infrastructure and develop other sources of energy has waned with the decline in the price of crude."Look, $300 isn't going to happen overnight," Kerr said. "But the same situation that we had, when we saw oil prices get to $147 - the same things still exist. We do not have more drilling. We do not have more infrastructure."
One variable many experts attribute the decline of the price of oil to is the drop in demand, due to the economic slowdown. But Kerr contended the economy is turning around and so will oil's price."You know, oil prices have swung all the way back down to around $30 - Everybody was talking about a $30 sustained oil price or maybe even lower and that's just unrealistic. Demand is starting to comeback. We're starting to see the seeds of a recovery."
[And when it does we'll realize {and be shocked no doubt} that we did nothing to improve our energy footing when we had the chance and are again under the thumb of OPEC...]
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