OPEC President Gets It – “We” Don’t…Yet

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajFfPTZJ0kHk

“Oil prices will climb to $170 a barrel this year because of increased demand, political tension and decisions made by monetary policymakers in the U.S. and Europe that have devalued the U.S. dollar, OPEC President Chakib Khelil told Bloomberg News on Saturday.

OPEC President and Algerian Oil Minister Chakib Khelil also insisted that rising prices aren’t linked to supply. “There is more than enough oil in the market to meet the international demand,”  he said June 28.”

The price will probably get to $170+ a barrel in late July and August.  But, after the “busy driving season” (translated: the best time to rip consumers off) the prices will fall below $100 a barrel assuming the fed raises interest rates/leaves them alone during Q3 and/or the administration doesn’t wake up and decide it would be a good day to invade Iran.

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