The Cartel said it will more than triple its estimate of the drop in daily oil consumption for 2009.
“World oil demand continues its steep decline from last year and is expected to follow this strong negative pattern at least for the first three quarters of the year,” OPEC said in its Monthly Oil Market Report.
A U.S. government report on Wednesday showed crude stocks in the world’s top consumer rose for a seventh consecutive week to 350.8 million barrels.
I would love to see a market where there is increased global productivity with sufficient surpluses to fund clean energy and try to bring the benefits of the free market to more of the world’s population. Citigroup is forecasting an average of $65 per barrel next year and Barclays Capital is predicting $76.
WHY ARE WE NOT DRILLING FOR OIL?? We need oil now and will for many decades while alternate sources of energy are developed. Our fantastic Government has decided we do not need oil or coal. Mr. Obama said he was going to destroy both. We have a predicted 1 TRILLION barrels in the shale deposits in the Green River Basin BUT NO ONE IS DOING ANYTHING ABOUT GETTING THE OIL OUT. No oil, gas, heating oil, plastics etc. We will be farming with horses, traveling by horse and buggy and heating with wood. Welcome to a USA. Will we turn into a third world country? It is either that or get rid of the horrendous leadership in the present Government in Washington.
“WHY ARE WE NOT DRILLING FOR OIL??”
The answer is simple: the price of oil has come back down, therefore, the crisis has passed. As a result, we will not do anything about the problem until the next time there is a crisis, i.e., when the price goes back up.
In this country, we simply do not plan past next week. instead of getting our hands on more oil NOW to possibly help keep the price from going back up as fast, we will simply wait until the price goes up and then start bitching about the oil companies again, as if it’s all their fault.