Oil Prices Are Falling. Really!
Is the oil bubble about to burst? Oil prices have fallen below $100/barrel and my dad, who is an oil engineer for Occidental Petroleum, has said prices will probably level off again in the $65/barrel neighborhood. That's where the big oil companies are predicting prices will go during the next six months to a year, too. Whoever predicts when the big fall will happen can make a lot of money playing the market. Demand and supply have been stable for about 6 months. That means oil is trading on speculation only and when they run out of suckers to buy expensive oil, the price will drop to more reasonable levels.