Crude oil prices dropped for the third straight month in August. Weakened oil demand due to slow economic growth and debt concerns in the United States and Europe are contributing factors.
Perceived wisdom is that weaker demand will continue for some time. This comes at the same time that global supplies have been bolstered by OPEC and the International Energy Agency (IEA).
That could change quickly, though. A relatively benign hurricane season was disrupted by Irene which skirted the Eastern seaboard. The next one could disrupt oil resources in the Gulf of Mexico. Unresolved political issues in Libya may also have an impact.
Related Links: Wind & Solar in the West / Future of LNG
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