Get ready for $10 oil!
 

At about $50 a barrel, crude oil prices are down by more than half from their June 2014 peak of $107. They may fall more, perhaps even as low as $10 to $20. Here’s why.

U.S. economic growth has averaged 2.3 percent a year since the recovery started in mid-2009. That's about half the rate you might expect in a rebound from the deepest recession since the 1930s. Meanwhile, growth in China is slowing, is minimal in the euro zone and is negative in Japan. Throw in the large increase in U.S. vehicle gas mileage and other conservation measures and it’s clear why global oil demand is weak and might even decline.

At the same time, output is climbing, thanks in large part to increased U.S. production from hydraulic fracking and horizontal drilling. U.S. output rose by 15 percent in the 12 months through November from a year earlier, based on the latest data, while imports declined 4 percent.

Get ready for $10 oil!

gas has gone up ~.50c/gal here in the last 16 days

Same. :2 cents:

Pretty much the same here.

Same here :(

Gas here is still stupidly high. Even with the recent price drop...

2.15 a gallon here for mid.

I never saw it go under $2 gallon here in Vegas

it's going to jump another significant amount over the next 2 weeks+ also, as refineries shut down for pre-summer maintenance.

tank up now!

The gas stations seem to have had enough, they raised prices here over 25% in one day when oil went up 6%. Our lowest was 79.5 cents per litre, its around 87 cents today but it is dropping a lot more slowly the last two weeks than it was in December and January.

I wonder if we will actually use less gasoline with all these big freezes the US is getting now. Keeping people indoors.

Have you been under the rock? Oil is going up for some time.

You obviously don't have a clue how things work. Just saying.

like ive said b4 asshole :1orglaugh i didnt write the article!!

damn it, all those wars give results :pimp

Another Obama success story. He has successfully wrecked the economy and the icing on the cake is $10 oil.:thumbsup:thumbsup

Most of the eastern U.S. uses heating oil so demand actually goes up during a blizzard.

That was the excuse they used for this recent hike. It took a month to go from 2.50ish down to 1.99, then about 2 to 3 days to go back to 2.40 where it's sat every since.

Anyway oil won't hit $10/barrel. Fracking would be put to a stand still way before that. I think they need a min of $40/barrel to make a profit witch fracking.

Lower oil prices, yes. I've studied the oil price issue in finance classes for the last year. OPEC has a lot to do with it as they're trying to get U.S companies to close shop. The moment your project starts running at a minimum doors start to close up. It might be a reason why you've seen a little spike in the price of gas (although there may be multiple other reasons).

This could also be a deal between OPEC and the U.S to add more sanctions against the Russians. Deliberate "Sanctions" as the Russian economy relies about 65% on the sale of oil.

What makes you think he wrecked the economy? Where's your proof of him wrecking the economy. Actually if you looks at his term markets have been up. Yes that is partially due to low interest rates, but he ended the war in Iraq, closing the Afghan war, universalized medical insurance, and wants to present 2 years of free community college.

Unlike the previous Presidents who....Went to war specifically for their own benefits, de-regulated the banking system, and militarized the U.S...

What are you smoking on?