Former Shell President Sees Oil at $80 by Summer
NEW YORK (The Street) -- When a massive truck slams on the brakes to avoid a crash, it takes awhile for it to get back up to highway speed again.
That, in essence, is the problem oil companies will face when they want to increase production if supplies start to fall short. The selloff in crude oil has put drilling on hold. Unless more drilling resumes soon, a surplus of 1 million barrels a day will be exhausted. John Hofmeister, a former president at Royal Dutch Shell , predicts that will happen by the summer and will send prices up to $80 a barrel.
Bad news for commuters, and those with new employment...
I also heard someone say last night that oil prices went down in SPITE of Obama, not because of him. I know this has been said before but thought it worth repeating.
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