Crude Oil Prices Today
For the past several months crude oil prices today have been difficult to keep up with without developing a headache. From a high of about $147.00 a barrel in July 2008, to a recent low of just under $35.00 a barrel crude oil prices have had gut wrenching daily price fluctuations.
There is little hope of near term price stability. The worldwide financial market meltdown, the slow down in crude oil demand as world economic activity decreases , the continued rapid decline of crude oil production at the world’s major oil fields, and the rapid long term growth in oil products demand, even if it is at a slower pace than last year, in countries like China, India, and Brazil, will keep crude oil markets active and extremely volatile.
The ebb and flow of supply and demand factors along with the cancellation of oil exploration and production projects due to current relatively low prices are setting the stage for another price explosion within the next couple of years.
There is little hope that any combination of alternative fuels will replace the dependence of the developed world on oil as the prime energy resource at any time in the foreseeable future. Crude oil prices today will continue to be closely watched by investors across the globe.
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