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By tt3 (anonymous) | Posted August 07, 2008 at 11:44:34
It's simple.
Oil production was at 85 mbd when oil was $140 and production is still at 85 mbd and oil is $118.
Supply increase did not bring down the price. A slowing economy did. The demand is down which made oil cheaper. Demand will increase (because it's cheaper) again and then bring the price up again, and so on, repeating this cycle until we are in a post-peak decline.
Buy oil now, because after several yo-yo corrections we will eventually see $200/barrel in about 12-18 months.
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