As oil becomes a scarce resource and various competing technologies gain esteem with international consumers, those with an investment in oil will use every available means to keep consumers from moving away from oil. With the price of electric vehicles dropping each year, electric vehicle technology improving each year, and consumers being barraged by an array of anti-gasoline news and messaging, keeping oil prices down is one way that oil and gas companies can assure the continued use of their product. Since higher prices will mean a loss of consumers, it seems to be in the best interests of those with control over oil prices to ensure that they remain quite low.
A lot of oil is being made
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OIL prices fluctuate all the time. Jumping from ridiculously high o pleasant low, they always seem to be moving. It is impossible to say if oil prices will remain low for the rest of the year as there are too many unpredictable factors to know what will happen over the next several months.
The forces dictating the prices of oil across the world are counter-intuitive and difficult to predict. Especially with the varied interest groups and stakeholders involved, complicated by the state of the supply chain, I think that it would be foolhardy to predict that oil prices will stay as low as they currently are for the rest of this year.
The price of oil has been dropping consistently for quite a while now. It is as low as it has been in several years. This trend will not continue through the summer as there is not much more room for the price to fall. We will see a rise in oil before the end of the summer.