That is in his dreams, the prices of Brent indicated otherwise. Oil prices is subject to demand and supply. Now that we are in a recessionary mode, no amount of talks from Putin will up the prices. Just as previously when the economy was rocketing, no amount of additional production can drive down the prices....... But from what I see it is really time for the world to wake up and develop some other alternatives, crude oil being a finite resource, it will be dangerous to depend on it to such a great extent. Cheap oil may not be good as it inhibits the exploration of alternative resources.
Demand is going to stay down. The developing countries who've been pushing up demand are stalling bad and so is the USA, the biggest consumer of oil. Prices should stay low for awhile. But I agree with WisdomTool, the time is now to create alternative energy, before people forget the pain of $4.00/gallon gas.
OPEC tried to cut production, oil prices still dropped. Its a supply demand based price. The economy is bad which helps as well.
We've been granted a second chance to develop alternative energy sources but I doubt that we will take advantage of it. People don't change thei ways unless they are forced to.
It is a real pity, I doubt that we will be given a third chance. Time is running out to roll out alternative energy as a viable alternative to fossil fuels and the oil price crash is not helping a bit.
The US needs to put a use tax on gas to lower demand and increase mass transit. Unfortunately, people will never agree. Most of the people saving gas now are unemployed and don't need to drive to work.
You are some what right Government needs to increase taxes on those who are having SUV's and other high end cars.. Our Government never does this!!Hope Obama will increase taxes on Oil to some extent because USA has high per capita consumption of Oil than any other country..