Gas Prices — Good News for the Momentby Tim Manni
According to the Wall Street Journal, crude oil dropped 2.7% to $86.59 a barrel this morning, down nearly $60 from its peak this past July. Some experts predict oil will soon settle to $75-$80 a barrel:
A study released by Bernstein Research of New York this week argues that oil prices will remain linked to the cost of producing supplies from difficult but crucial fields deep offshore and elsewhere, a cost the research firm puts at between $75 and $80 a barrel.
With most of the speculation out of the way, oil prices can accurately begin to dictate their true price based on consumer demand.