According to some sources,1.0 billion of barrels in Libyan oil of its estimated 1.6 million barrel capacity is not been met due to ongoing conflicts, this means that oil prices will rise because this production is being lost.
Add that to the decimation of the US dollar which is used to pay for oil (and is steady losing value) = very high prices indeed
So unfortunately the only way oil prices can go down is if other nations produce more oil to compensate. If oil is payed in a different currency ie china or russian currency, the price may stabalise also.
If the same problems that are happening in Libya spread to other oil producing nations, the question will not only be whats going to happen to oil prices, but how high is it gonna go.
Search Amazon.com for oil productionAdd that to the decimation of the US dollar which is used to pay for oil (and is steady losing value) = very high prices indeed
So unfortunately the only way oil prices can go down is if other nations produce more oil to compensate. If oil is payed in a different currency ie china or russian currency, the price may stabalise also.
If the same problems that are happening in Libya spread to other oil producing nations, the question will not only be whats going to happen to oil prices, but how high is it gonna go.
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