Downward pressure on oil prices is so great that crude could trade for as little as $20 a barrel by the end of the year -- less than a third of what it traded for this week and an 86% drop from its peak last year, analysts said.
For eight straight months, oil supplies have been running about 2 million barrels a day higher than the global demand of 83 million barrels a day, Verleger said. Eventually, he and others predicted, suppliers will tire of paying to store all of the surplus oil and flood the market.
$2.49 at the Wawa here. Looks like we are headed for yet another 2 penny-a-week drop but, when it goes back up it will be 5-10 cents a day! GUARANTEED!!!
