I expect the price of oil to drop further. I feel we will see oil prices reaching $82-86 range in the near future. Currently oil is trading at $102 per barrel. Just my humble prediction. Even though OPEC cut its production, prices have again retreated. The other effective tool for bumping up prices seems to be the Iran card. So expect Iran, Israel or US to do something that is threatening towards each other to bump up the price. Maybe this time it will be Iran who will instigate the charade to push prices up. Iran has long maintained that the true price of oil is $100 per barrel. US and Israel are busy at this time… in the midst of leadership crisis, sorry, meant changes. This transparent saber rattling has lost it’s impact. My thinking is that it was at $82 is when there was a meteoric manipulation… uh… I mean rise to the $147 benchmark. The price at $82 though high for the time, seemed a little more realistic relative to the of the cost of living increases. I wonder what happened to the “Chinese and Indian” factor? The news was constantly blaming price jump on the increase in demand from these countries. As if in 6 months time they had doubled their population or something. Maybe Enron.. I mean everyone had run out and bought a Nano?

Filed under: Editorial, Opinion