I love driving past the gas station and seeing gas for $2.79 a gallon. It has come down so quickly from $4.39 a gallon over 2 months ago. I know that it’s coming down because of fears that demand is slackening considerably (which it is), but it’s comforting to see it back in the $2 range.
OPEC is meeting to see what they can do about getting oil stabilized from it’s current price in the mid $60’s a barrel. They will probably cut production and get the price back up to the $80 a barrel range.
When the world economy does rebound in a couple years, the resulting oil spike could be monstrous. With supplies continuing to dwindle, oil could quickly get up in the $150 to $200 a barrel range, which would put a huge drag on economic development, but would be a boon for alternative resource research and development.
