Speculative Bubble Bursts; Could Oil Drop Under $100 Per Barrel?
Stephen Schork, The Schork Report, was on the Wall Street Shuffle September 2 talking about the energy market. Last year at this time, people thought that $70 oil was unsustainable. Now, one year later with a WEAKER economy, people are talking about $110 being cheap. Stephen believes that what we saw was a bubble and what we're seeing is that bubble burst. A stronger dollar will lead to oil price weakness as well as a happier OPEC. OPEC wants oil in the $60-70 range with a strong dollar to avoid hastening any changes to alternative energy.
Stephen Schork, The Schork Report, was on the Wall Street Shuffle September 2 talking about the energy market. Last year at this time, people thought that $70 oil was unsustainable. Now, one year later with a WEAKER economy, people are talking about $110 being cheap. Stephen believes that what we saw was a bubble and what we're seeing is that bubble burst. A stronger dollar will lead to oil price weakness as well as a happier OPEC. OPEC wants oil in the $60-70 range with a strong dollar to avoid hastening any changes to alternative energy.
© 2009 ALL RIGHTS RESERVED. Industrial Info Resources, Inc. - Sugar Land, TX - 800-762-3361