1. The Saudi’s are pumping from strategic oil wells
2. A bigger income equality and rise to middle class in the developing world creates much bigger demand, it’s where China’s growth numbers keep coming from even as the west is declining.
3. Fracking is not economical viable in a few more years when all the easy stuff is gone and the first environmental problems pop up.
4. Inflation in general.
Deflation is only a local problem in certain communities that where lousy a decade ago. There’s more places where inflation is a bitch.
Oil will be at 70 plus at year end, 90 by the end of next year and it will keep rising.
All this CEO is talking the markets down so Exxon can do a few takeovers.
And there’s a even way bigger story that’s been under reported all over, and that’s the Saudi’s buying up huge oil field all over the world right now.
They’re running low on oil and they’re pumping what they've got to lower prices to secure future income.
And why is nobody wonder why oil storage is rising in the US while it still needs to import oil?.....