Oil Prices: How did we get here and where are we going? – Part One


“It’s difficult to make predictions, especially about the future”

     

  • Attributed to everyone from Niels Bohr to Yogi Berra

 
A barrel of oil today fetches less than $50, when only six months ago oil traded at over $100. How could such a drop in prices not have been anticipated? Actually, it was!
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We have the “Way;” Now need the “Will”


The “way” has already been paved by the House; now all that remains is the “will” – of the Senate, that is.
 
In September, the U.S. House of Representatives approved several bills designed to reduce the United States’ dependence on foreign energy sources, create jobs, add billions of dollars in revenue, and help protect America’s security by eliminating our dependence on foreign oil.
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A China Syndrome?


 
Iraqi Oil Imports Pump Up Asian Nation’s Economy, U.S. Closes In on Self-Sufficiency
 
With size that belies its importance, the Strait of Hormuz sits almost innocuously, linking the Persian Gulf with the Arabian Sea and the Gulf of Oman. In addition to the Red Sea, the Strait of Malacca and other critical chokepoints, Hormuz is a critical artery for the transport of oil from the Middle East.
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Increasing Global Energy Demand Drives Higher Prices and Spurs Unprecedented Innovation in Conventional Energy

Petroleum will continue to provide the largest share of total energy supplies for decades to come as global demand for energy continues to grow. Innovation in conventional energy has made this a reality and if America continues to deploy its ingenuity, creativity, and entrepreneurial culture in the right way, the western hemisphere could be far less dependent upon foreign imports for energy. That will mean a whole new and brighter reality in energy security for the U.S. and a different global geopolitical landscape.
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