The price of oil will be greater than $70
At the end of 2007, the price of oil on the New York Mercantile Exchange will be over $70/barrel.
Yes ~ 45¢
Best open market yes prices
- 100 contracts @ 50¢ - Ben Spaulding
- 200 contracts @ 75¢ - Jordan Lewis
- 10 contracts @ 100¢ - Casey Reddy
- 500 contracts @ 100¢ - Casey Reddy
No ~ 55¢
Best open market no prices
- 2000 contracts @ 50¢ - Brandon Palmen
- 200 contracts @ 70¢ - Casey Reddy
- 100 contracts @ 70¢ - Casey Reddy
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The end of 2007 will be winter, just like the end of of every year.
oil prices are always lower in this season.
It would be more fair to discuss the number of days in the last two quarters of 2007 that the price of oil met or exceeded $70/barrell.
Alternative energy will not make enough of an inroad quickly enough to offset our need for oil, plus the growing demand in Asia. We've already bought all of those SUVs, and even if we were to buy all-electric cars, those SUVs will still be on the road. for several years.
Also, Chevron is spending billions to tap oil reserves 35K feet below sea level just south of New Orleans. They wouldn't be spending that kind of money (something like $200K/day) if they didn't believe oil prices would remain high enough to turn a profit.