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We all complain about the surging prices at the gas pump but what's the solution?
Is more production the answer?
Clearly we need to bring in more oil supply [US@CL.1
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], says Addison Armstrong, Director of Market Research at Tradition Energy. But opening up new federal lands isn’t going to do anything to solve the current problem.
Why not?
It takes years and billions of dollars to bring those kinds of projects to market and by the time it would happen we’d have new technology that could make us more efficient and lower the demand.
What’s at the root of the problem?
We have a demand problem, he replies as well as an unprecedented level of investor interest in these markets and a weak dollar.
Then, when will oil turn?
I think by the fourth quarter a diminishing demand will break this market. But we have to get through the summer with weather anomalies such as hurricanes, etc. There’s a lot of uncertainty between now and the fourth quarter that could send oil even higher.
What’s the bottom line?
I would not turn bearish on oil until at least the end of the summer, Armstrong says.
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