Expert Says That $20 Per Barrel Oil Is Possible!

University of Calgary professor Philip Verleger says that oil supplies are greater than demand by two million barrels a day. While unlikely, oil could drop to $20 a barrel!

Verleger says:

“This isn’t complicated – we are running out of storage space and the economic situation is not getting any better. By winter we’ll have this stuff coming out of our ears.”

Still, prices have risen supposedly because in hope that the economy would get a little better. That just hasn’t been the case this year.

China has stored more than 100 million barrels of oil this year, and afterwards maybe another 100 million barrels.

Economists predict that oil will finish the year around $60 a barrel.

Source: The Globe And Mail