OIL PRICES - The price of oil dropped to $57.04 on Friday and analysts (people who claim to be experts on rising/dropping prices) claim that oil prices may go as low as $10 US/barrel, mostly due to the rising recession in the United States.
OPEC and Iran are threatening to cut production, but it will be a minor cut and hardly worth mentioning.
The reality is that the oil prices were only over a hundred dollars/barrel due to speculators driving the price up far more than its really worth. Now with the recession the oil speculators are feeling the pinch and have withdrawn, the same speculators are looking for greener pastures to bid on.
The same thing happened to gold prices last year when they skyrocketed due to speculation and then fell when speculators moved to a commodity that was more stable.
So now the question is what commodity will speculators bid on in 2009?
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