Posted on 06/01/2017 10:32:15 AM PDT by bananaman22
It wasn’t that long ago, 19 years to be precise, when the average oil price was $11.91 per barrel (WTI). Are world conditions such that we could see that price again? Everyone said that oil prices would never fall into the $20 range, but 14 months ago oil prices hit a 14-year low of $26.21 per barrel on February 11, 2016. Are we, or better yet, can we really be looking at the same world conditions that drove those 1998 oil prices down to record lows that almost equaled the 158-year average annual oil price of $11.22 per barrel (WTI)?
The answer is “it depends”. I’m not saying we could survive today at that level for any extended length of time, but conditions are ripe for low prices and long recovery times, unless oil exporting countries learn some valuable lessons from their not-so-distant past, including the past couple of years.
(Excerpt) Read more at oilprice.com ...
BTW, whenever a liberal tells you that the reason for the disaster in Venezuela is the drop in oil prices remind them that in 1999, the year Chavez became a president the price of oil was as low as $10 a barrel. Yet the country’s stores were full of food and the pharmacies full of medicines.
I have a hard time imagining down to $12 range. I can mentally get down to $20 range.
Just means Pennsylvania will see another opportunity to jack their already-high gas tax.
The oil industry needs more cars and trucks powered by large block V8s on America’s highways. Automobile manufactures need to start a new muscle car revolution, Dodge is doing their part what about the others?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.