Quote:
Originally posted by PhiPsiRuss
What would happen to oil prices if most Saudi oil was removed from the international market for several years, like in Iraq?
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People don't understand. Do you know what the Saudis did a few weeks ago at the peak of prices? They pumped more oil out. Did that change anything? Barely...almost nothing.
The prices right now are very high for oil because hedge funds, in particular, attacked and took net long positions. This was one of the many factors and it was a HUGE factor. The market will be bullish through at least the summer.
Here is another theory about oil that comes from public policy. You won't run out of it. It is so necessary that if it runs out in one place, they will double the efforts to find it in the next place.
-Rudey
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