Crude oil prices eased for the third straight day, falling below $72 a barrel after government data showed motor-fuel demand weakening in what is seen as a response to higher pump prices.
Crude fell as low as $71.85 yesterday on the New York Mercantile Exchange, before rebounding slightly to settle at $71.93, a decline of 95 cents. Last Friday, crude hit an intraday peak of $75.35. Merc gasoline prices were up a fraction at $2.1335 a gallon.Is the price of crude oil going to break $100 barrel?
No, not any time soon...Is the price of crude oil going to break $100 barrel?
Probably not going to happen for a few years. Though if the gulf coast get hit by another Katrina it might. Also I think Ethanol is going to be used more and more in cars over the next decade which will decrease the oil dependency.
Most certainly, its a LIMITED RESOURCE. this means that they continue to go up in value as there supply diminishes.
The only real hope there, is that we switch to hydrogen which is a UNLIMITED RESOURCE.
It depends how Iran nuclear issue progress. If US takes the militray action to stop Iran building nuclear bomb, the oil price will hit $100. It seems that it is inevitable that US will resolve the issue by using the military force.
It is just my 5 cents opinion on this.
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