In the short term, no. I think we will see a pullback to around 70. But the longer term prospects are not looking that good. According th the Energy Information Agency, Spupply and demand are in very close balance right now. Any supply disruptions are unlikely to be made up by other oil producers. Short of a world wide recession, demand is only going to rise. Whar are the implicarions of higher priced oil, and what are the prospects for shortages? I will be exploring that in later posts over the coming week.
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