The price of oil recently plunged to a 12-year low, triggering a panicked sell off for U.S. investors, the likes of which Wall Street hasn’t seen in years.
Now with Iran finally free of international sanctions and adding between 600,000 and one million barrels per day of production, the oil glut continues to put enormous downward pressure on the financial markets.
And renowned Harvard economist and bestselling author Harry Dent sees oil prices collapsing even further.
Dent is calling for oil to drop all the way down to $20 a barrel by 2017.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
4 comments:
So, why is gas prices going up?
No worries, they will figure out a way to screw us over one way or another.
The price went up because they added a federal $10 tax to a barrel of oil while the media was busy reporting on the political circus taking place.
Your government figured you wouldn't notice it, and most of you didn't and the media wasn't going to keep you informed.
Republican house, republican senate, $10 tax/barrel added. Guess that's Obama's fault too.
Why is gas here so expensive? I just drove down to Florida and gas was cheaper in every place but here.
I guess we need a bridge to Delmarva to get fuel trucks here instead of having it brought in by airplane, this has to how we get our fuel here right to justify the high cost.
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