I predict next 2-3 months, crude oil price especially light sweet oil will be strike highest record at $140-150 per barel. but i hope crude oil price back to $60 per barel.

[edit on 23-5-2008 by mubarok]

...I think that's bit of a given. Even $140 a barrel would be reasonable in the next two weeks, not months.

$60 per barrel days are certainly over.

What is your general reaction to all the huff about the Bakken oil Formation in Montana/North Dakota, etc.? With all the complaints about outrages oil prices, why isn,t there more publicity for the general population of this great country about the purported reserves and recovery possibilities?

I guess the "green" groups would discourage production from this area because it would sidetrack thier cause for a good length of time.

Sure would be nice to dump our mideast and otherwise suppliers!

It's more complex than that. Compared to a lot of countries, America is getting real cheap gas. Americans are complaining about the price, but if they knew the prices in Europe, they would flip. The U.S. has it easy, honestly. I'm sure that sectors will open up in numerous countries for drilling, once the price of oil hits certain numbers. At the moment, we're gonna suck out the oil from the middle east. Once that starts becoming difficult to find or obtain, then we'll see other areas open up. Long term, there's no point using up your reserves at $200 a barrel, when in 50 years it might be $1600 a barrel. Same goes for coal etc. Britain shut down it's coal industry because it was a comparative price to import. Sucked for anyone that was a miner, but in 80 years time, Britain will still have strong reserves, and be able to either use it for herself, or export at 10 times the price.