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Depends on world politics. Instability and natural disasters cause oil speculators to raise the price of oil based on a belief the instability or disaster will impact the oil supply in the future. One potential source of instability is the crown prince of Saudi Arabia and certain moves that government has made that has angered international powers. Another factor could include the possibility of environmentalists terrorist attacks on oil facilities, I believe some oil companies will begin closing oil wells/rigs as the price continues to decline. It’s not about artificially raising the price of oil to further profits, it’s about the cost of keeping a well in operation versus the cost of oil.
For seven straight years, the US has pumped more oil and gas out of the ground than any other country. That lead will only widen, states the US Energy Information Administration (EIA). The independent energy statistical agency describes the US as “the undisputed oil and gas leader in the world over the next several decades.” It comes as Russia and Saudi Arabia are constraining production to lift prices, while new technology is making vast new pools of once unprofitable hydrocarbons economical to extract in the US.
Add to this that Trump is folding down outsourcing and wants to raise Murica back to where it was before. If they don't rid of him somehow and he succeeds, all that production will go up, prices go down. Unless they decide to ban combustion engines, then they will simply make petrol financially prohibitive to purchase.
Gas is now under $2 a gallon here in southeastern Virginia. I predict that it's going to hit $4 a gallon by the end of this year.
Crude oil prices are artificially low, and it's hard to imagine that this is going to persist.
Your predictions?
I dont believe that gas will hit 4 bucks a gallon by the end of this year.
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