Crude Oil below $25 - Prediction

by mazevedo | December 4, 2008 at 12:13 pm

925 views | 9 Recommendations | 10 comments

According to predictions from Merrill Lynch & Co. crude oil is expected to drop below $25 a barrel. Definetly news which oil/energy companies are not going to be very happy about. What do you think about these predictions? What are the good and the bad things it can bring forth upon the economy?

Crude oil fell below $44 a barrel to the lowest since January 2005 and gasoline dropped below $1 a gallon as the deepening recession in the U.S., Europe and Japan cuts fuel consumption.

Prices may dip below $25 a barrel next year if the recession spreads to China, Merrill Lynch & Co. said in a report today. U.S. fuel consumption during the four weeks ended Nov. 21 was down 6.2 percent from a year earlier, an Energy Department report showed yesterday.

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Tina Kells

at 12:27 on December 4th, 2008

Wow! This is crazy. Maybe I can put buying my Prius on hold for a bit :)

Mike Wood

at 13:41 on December 4th, 2008

Great news for the ‘little guy’ as-well-as the shipping companies and truckers who have been gouged through the over inflation!

"U.S. fuel consumption during the four weeks ended Nov. 21 was down 6.2 percent from a year earlier"

Great news for the environment! Too bad it’s due to a slumping economy and not from environmental concerns.

R. Rabren

at 14:03 on December 4th, 2008

The oil companies may not like it, however consumers love it! I never did see justification of paying $3+ - $4 gallon for gas.

pizza-base

at 02:40 on December 5th, 2008

This oil rig platform, Ensco 56, was just being towed into Nelson (N.Z.) harbour earlier this year. It was here for a couple of months while maintenance work was done on it. It was later towed up to the oil fields off the coast of Taranaki.

pizza-base has contributed a photo to this story.

pizza-base

at 02:43 on December 5th, 2008

This prediction is great news, but I hope we can still remember moderation for the sake of the planet.

MacRex

at 06:20 on December 5th, 2008

The oil rig in this picture is Camero #1, and is one of the smallest in use in Alberta. A few days after I took this picture their bit got stuck in the hole. After getting it out, the oil company, Fairwest, replaced the Camero rig with a much larger on, Tempco #5 (I think, but it may have been #11), but I was never able to get a picture of that one.
I have many other pictures of rigs, as I am a truck driver working for Alberta's smallest drilling mud warehouse - JWR Transport.

MacRex has contributed a photo to this story.

corbinse

at 15:13 on December 6th, 2008

can't wait to see under a buck a gal.. including taxes.. but I really am not going to hold my breath on this .. I have a sneaking suspicion that we will see 6$ a gallon relatively soon. with in the 2 years .. hope my predictions are wrong though

rajiv3888 (not verified)

at 05:59 on December 11th, 2008

crude oil may touch 25 $ in the near future but as i see today if all goes well on 17th dec when opec has a meeting then we can see a bottom near 36.73$ and crude can reach again at highs by mid of 2009. . .

khada peniss (not verified)

at 06:06 on December 11th, 2008

fuck hai yaar 40.5$ maar ke stop ho gaya noooooooooooooooooooooooooo girao aur isko made down more and more 10$ do rate ok ? i buy when down only no buy this rate come up then sell then sell them down buy then buy the up go sell i rich then i buy car helicopter plane and if up and down again again then i buy world i buy good english girl minimum 10 girls hold me 1 time everyone see me and jealous i am king then i gave order to salute then i give prison to you common man you beg to me for daya and i say no and punish girls dont worry i no punish you i love you. crude go 10$ please i became king than

tenali rama shri jhandu prasad yadav bihar india wale (not verified)

at 06:07 on December 11th, 2008

hai yaar 40.5$ maar ke stop ho gaya noooooooooooooooooooooooooo girao aur isko made down more and more 10$ do rate ok ? i buy when down only no buy this rate come up then sell then sell them down buy then buy the up go sell i rich then i buy car helicopter plane and if up and down again again then i buy world i buy good english girl minimum 10 girls hold me 1 time everyone see me and jealous i am king then i gave order to salute then i give prison to you common man you beg to me for daya and i say no and punish girls dont worry i no punish you i love you. crude go 10$ please i became king than