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Streamed live on Jul 12, 2017
Over the past couple of years, the amount of holes drilled into the ground in the U.S. has dropped off considerably and this will likely continue, until it makes fiscal sense to drill. The lack of new mining will finally have a direct impact on supplies because of the time necessary to get production ramped up and the supply issues won't be solved overnight. This imbalance of demand and supply may change and oil's cost trend will invert. Price dislocations in the commodity markets are common and this is exactly what generates chance and so much risk . When the pendulum swings in the other direction, we will again be worrying about what energies will be available when we run out and how long will oil last. Sound familiar?
First, let's review the situation for higher oil prices. Just about everything is touched by Oil . It's not possible to list all the items which are produced from oil, but just about everything you see has petroleum within it if you look around your home or office. If you discover then I would assert that the product was transported by a plane, train or truck that was consuming oil. Oil is the economy's air and water.
Our economy fails to function at all like beings don't operate without air and water. The main reason that oil prices have dropped is quite simple; we have more supply than demand at the moment. This oversupply resulted from the slowing global economy, the advancement in technologies as well as the unwillingness of OPEC to cut production.
As pertains to oil costs, I do not think we're in the bottom of the barrel yet. In fact I believe that oil prices will remain depressed for the future. Iran and Saudi Arabia continue to pump oil in a quick pace, and I see just a small possibility that other OPEC members will agree to cut production. That said, I think now is the time to start getting your plan together for how you will capitalize on the eventual price stabilization and boost in this product's price.