It’s just over $100 a barrel and needs to go down even more.
Well, there is some advantage in it’s going down from $100 slowly. Namely, it’s good to see the pressure on to develop more supply. Eventually it will hit $20/barrel again, but who knows how long.
Dated Brent is now @ $95.33/bbl however Regular unleaded is up 8.7 cents/gal to $2.749/gal. I believe that this increase reflects the weather situation and refineries being closed down on the Gulf Coast.
Earlier this year, I told my wife we’d see $100 by labor day, steady mid $80s by end of the year.
That’s the price our economy can support for any extended period. It’s not an ideal price for us, but we can support mid $80s. Any sustained price point beyond mid $80s is simply damaging enough to the economy that demand will automatically plummet.