As long as the US Dollar remains weak, I believe you will see an increase in oil prices. We have to realize that the OPEC countries need to keep their economies in tact. Selling their oil which is pegged in US Dollars is not in their best interest. There has been talk that they want to set the Barrel Price Benchmark in EUROs which is selling at a premium to the US Dollar. Substituting the EURO for US Dollars is no different than changing out a DOW stock in the INDEX. The dollar is not a welcome currency at this present time. If you were a OPEC country would you rather have EUROs or US Dollars.What the government doesn't want you to know, is that Mexico has 10,000 years of oil.
When Bush Sr. was in Office the Mexican Governmet approached and offered to sell the oil at only 19.00$ a barrol. Being the Wonderful President he was, he refused stating that The U.S. still had a two year contract with Opec.
So then why didn't our government come up with a contract stating that at the end of the two years we would buy our oil from Mexico.
I'll tell you why our government is just like everyone out there, all they care about is the all mighty dollar. And making the rich f**ks richer and to he?? with the working class.
TO OFFSET THIS WEAK DOLLAR THEY ARE GOING TO HAVE TO INCREASE THE PRICE OF OIL TO MAKE UP FOR THE WEAKNESS IN THE US DOLLAR