Will the price of oil go under $60. within one year?

Please state your reason.Will the price of oil go under $60. within one year?
Maybe. If the economies of China, India, Brazil, Russia, most of south eastern Asia, eastern Europe and Latin America all of a sudden stop growing and collapse I could see oil dropping to below 60 dollars a barrel. The problem I see with oil is demand, too many people want to live the way the western world lives and that's just not possible. One American teen consumes the equivalent of 100 Africans in terms of natural resources, most of which is energy.





Of course the Middle East could start exporting more oil, they do have 70% of the worlds oil supply, that should be enough to keep prices down for a while. There are several problems that would have to fix first in a year. 1) Saudi Arabia has to agree to stop using our money that they get from selling us oil to train terrorists. 2) Iran has to stop being Iran 3) Israels got to make peace with its neighbors 4) The United States has to do something about Iraq. That's just the middle east, we also have to solve 5) North Korea has to stop making nukes 6) Venezuela has to get Hugo Chavez to stop calling Iran's nutcase of a leader his best friend. 7) Nigeria has do something about those foreign oil worker kidnapping rebels 8) Russia has set up a free market economy, for real this time, so they can tap into their natural gas resources 9) Canada has to figure out a way to turn the tar sands into oil without using twice as much as all the natural gas and water Canada uses in year in a day 10) Indonesia has got terrorists too and that tsunami mess still needs to be clean-up, rigs and wells have to be rebuilt.





So when you think about it, it's our fault that oil prices are so high in the first place because we've neglected these problems for so long and let them happen in the first place.





Oil below $60 dollars a barrel...err... maybe not anytime soon. At least not until we get our act to together and realize that everything we do and don't do, directly effects our lives in terms of high energy prices.





Many analyst are predicting oil will go lower and settle, maybe, I think it's unlikely, I think it's more likely something else is going to happen or something that's already is happening is going to explode, driving up the price of oil even further.





Another factor is infrastructure, it takes years to drill new wells and build infrastructure to expand oil production. Projects are under way everywhere in the world but it will take years to just replace or fix or expand the infrastructure that has become obsolete. E.G. BP pipeline and most or the refineries in North America that are over 3 decades old.Will the price of oil go under $60. within one year?
No.





Demand is growing.
fat chance.dont know where kelli got her info,but they havnt come begging to us,and we are not saving any fuel.the ethonal crap is just that ,crap.we have more than enough oil but dont want to use ours,want to save
Prices don't go down forever. They fluctuate and consistently rise and drop based on the conditions of how oil refining is going. The basic price of oil will keep rising either slowly or by a sudden spike. I wouldn't be surprised if oil was 5 dollars a gallon in 4-5 or so years.
Yes, it should go to around $40 a barrell.


OPEC was a bit shocked that Americans were able to slow down their consumption and with us mixing ethanol into part of gas, we are showing them that we aren't as dependent on their oil as they thought. Thus, they had to lower the price of the barrell to attract us back to them.
I'm not sure about what the price of a barrel will be compared to a gallon of gas, but I was listening to the radio today and some analysts are saying that the price of a gallon of gas is likely to come down to $2. I would assume that a barrel would be between $55 %26amp; $60 if gas is that price.