Will we ever see oil below $30 again

Discussion in 'Commodities Forum' started by Hedonologist, Mar 19, 2016.

  1. Hedonologist

    Hedonologist Well-Known Member

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    The title might seem quite pretentious, as people once said "will we ever see oil below $100 again?" but I think that seeing as shale has pretty much been fully developed as an alternate oil source, and reserves can only go down from here, $28 oil is now a permanent thing of the past.

    Petrol prices in the UK are already back above the £1/litre level, and it doesn't look like we will ever go below 90p again.
     
  2. kgord

    kgord Senior Investor

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    Well our prices here have started to climb. All I can say is it was nice while it lasted, and gas prices are still relatively affordable now, so I think that it was a nice respite. However, All good things must come to an end I guess. I think it is just one of the ways of the world. Nothing remains stagnant. I was hoping our gas would go under a 1.00 here, but we never got close to that.
     
  3. Corzhens

    Corzhens Senior Investor

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    The way I see it, OPEC is intent on cutting of their oil production so the prices in the world market will somehow pick up. And since it is for their benefit, OPEC members will surely cooperate. However, that motion was vetoed by Saudi Arabia which obviously needs money for their military contingent in Syria. Funding 350,000 combat personnel requires a big amount of money hence Saudi Arabia continues to pump their oil in excess of the usual quota to have extra revenue. So maybe some other nations are doing the same like Russia.
     
  4. remnant

    remnant Well-Known Member

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    Oil is being discovered in assorted countries across the world especially in Africa. These countries are not members of cartels and therefore the oil prices will correct themselves as supply increases in the medium term. My take is that economies will never truly pick off unless we disabuse ourselves from overreliance on oil. Renewable energy like solar, wind and geothermal as well as nuclear energy is the way to go.
     
  5. JR Ewing

    JR Ewing Super Moderator Staff Member

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    Fossil fuels are here to stay. Until viable alt energies are developed that are truly useful, reliable, and affordable on a LARGE scale, oil and gas ain't goin' away, baring some insane big govt overreach or something.
     

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