Originally Posted by grampi
I knew it wouldn't, but many people said we will see $2 gas for years to come. Nope, prices are on the rise again, and no doubt heading back $3+. Just like prices tanked when OPEC flooded the market with crude, prices are now going up due to a roll back in production. Now, who was it that said the industry doesn't control prices?
Gramps...the industry doesn't control prices....the market does. Supply and demand....other than what the Saudi's can do, it's pretty much supply and demand. What most people don't understand is, with oil, the long development time from initial drilling to final delivery only makes predicting future prices even harder to do. It's a commodity and as such, it's going to have wild price swings.
The $26 a barallel was never going to last. Just take a look at all the bankruptcies in North Dakota just after that period.