Oil Prices

This should be a very good piece of info for import dependent economies. Oil prices are down by US$17/ barrel.

Of course, Oil exporting countries are not very happy with this news. However, prices have been steadily rising, the past several months and most of the world has been praying for its halt, at the very least. Just a couple of years ago, the price of Crude Oil was about half of the current level.

Where is the price of Crude Oil headed? Some predict some increases in the short term but what really scares me is the calculation that the real value of Oil is about thrice its worth today.

What do you think?

1 comment: said...

Congrats on your blog!

this article reminds me of the water-diamond paradox... though diamonds can't really be compared to oil in terms of utility.

I sure hope that some genius discovers a better alternative for oil!