OIL SHOCK PREDICTION: $25

Drudge ^ | 12/04/2008 | Linked from Drudge

[Jet Jaguar]

OIL SHOCK PREDICTION: $25

Post only, links to Bloomberg.

[redgolum]

More than possible.

Some of my contacts in the business (low level/engineers) said this a year or so back.

[ripcasc]

25 dollars a gallon we will be paying at the pump or 25 dollars a barrel of oil. I like the latter.

[BGHater]

Good news for NIMBY and ‘no’ to off shore drilling.

[trumandogz]

Unfortunately, we could see oil at $25.00 a barrel.

[St. Louis Conservative]

That would be great in the short term, but we need a reasonable sustained price for oil to make sure there is sufficient investment in finding new reserves, otherwise we will continue these wild swings in the price of oil.

[Vince Ferrer]

I think Russia and Venezuela will start a war before oil stays down for too long. Russia needs $75 oil if I am not mistaken in order to fund their commitments.

[aruanan]

Some of my contacts in the business (low level/engineers) said this a year or so back.

Yes, I remember some industry analysts predicting oil prices to be in the $25-$35 per barrel range in the near future. This was right before the futures thing driving the prices up.

[ari-freedom]

Larry Kudlow would say “wow! this is like a great pro-growth tax cut!”

[CharacterCounts]

Long term, $25.00 per barrel oil is not a good thing. But it the short term it could help lift us out of this recession. Its a double edged sword.

[mamelukesabre]

What do you mean “unfortunately”?

25$/barrel should give us gas somewhere under a dollar a gallon, provided the crooks in DC don’t pull any bullshit. That should be a HUGE boost to our economy. And we sure could use the boost.

[LdSentinal]

What about the morons who bought this?

[DrewsDad]

The offshore drilling ban has expired, so they have to find another way to discourage new drilling by simply making it unprofitable.

[trumandogz]

Yes, world economic collapse will bring cheap oil.

[misterrob]

Energy spikes are a major factor in pushing economies into recessions. When gas prices were at $4 some households were paying over $6K in petro related costs on an annualized bais. With gas at $1.50 and falling that amounts to a $3,500 savings.

I am going to start buying gas and oil etfs when oil drops into the $30s. When it goes back up I am hedged for $1 gas.

[ari-freedom]

that’s why we need an energy policy.

[misterrob]

Well, this would be the time that a temporary gas tax would be considered as stupid as it sounds.

[Ouderkirk]

Exactly.

Low oil prices stops domestic exploration. Eliminates biofuels and $h!tcans the alternatives.

This smells like a trap.

[goldstategop]

I said that would go down to $30 a barrel before winter. It may go even lower since a weak economy cannot sustain a $47 a barrel price. And no one's buying.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[doc1019]

And if OPEC shuts the valve off … were will oil prices go?