Oil to stay within $110 in 2008, says OPEC

Oil to stay within $110 in 2008, says OPEC

www.news.com.au

OIL prices will range between $US80 and $US110 per barrel for the rest of 2008, OPEC President Chakib Khelil says.

Mr Khelil, who is also Algerian energy and mines minister, said on Algerian television that OPEC was under "big pressures" from consuming nations who liked to portray the group as responsible for high oil prices, when in fact the market was responding to US economic problems and the falling dollar.

"Prices will continue to be high, and the prices for the rest of the year will be between $US80 and $US110," he said.

(visit the link for the full news article)

Can this statement be trusted? Either way, if they remain close to $US110 it is simply too high.

Opinions?

www.news.com.au
(visit the link for the full news article)

Yes indeed, the price of oil is too high! But to solve that problem I think we should pull all of our military advisers and support from the Saudi Royal family and let them fend for themselves against the restless public who wants to depose them. That just might change their position on the price of oil.