oil prices

Oil Prices
Rachael Morgan 11-14-08
"A sea change is underway in the upstream oil and gas industry with international oil companies facing dwindling opportunities to increase their reserve and production. In contrast, national companies are projected to account for about 80 percent of the increase of both oil and gas production in 2030,"
This past week was the first time I had seen gas prices with the number one in front of the decimal point, since I got my license three years ago. Even though most of the reports that I have read about the fluctuating oil prices, have said that Americans wouldn’t see a huge drop at the pump, but a drop from the four dollar mark in July to the two dollar and five cent average now, is quite contradictory to the reports.
“Despite the slowdown in oil demand, oil will remain the world's main source of energy for many years to come, even under the most optimistic of assumptions about the development of alternative technology. But the sources of oil, the cost of producing it and the prices that consumers will have to pay for it are extremely uncertain. “
Since the recent drops in oil and gas prices, it has been very hard for analyst to pin-point what kind of prices Americans are going to be looking at in the near future, at the pump. The extreme drop in demand for oil based products has changed pre reported estimates on what prices would be at this point in the year.



Sources cited: http://www.energycurrent.com/index.php?id=2&storyid=14278