Oil Prices Coming Down?

Posted by Patrick O'Connor on 5/15/08 2:33 pm

Oil prices have almost doubled in the last year, but most energy industry executives believe that what goes up, must come down.

In a 2008 KPMG survey of 372 energy industry decision-makers, most believe that the current spike in oil prices is only temporary. 91% of survey respondents say that oil prices will drop from their current levels (at about $127 per barrel in mid-May). 55% say that prices will fall to less than $100 per barrel. Most say domestic drilling is the U.S.’s best chance at keeping prices down, but most also agree the chances of oil companies drilling domestically, especially in Alaska’s oil-rich ANWR region, are mote, given the current political climate.

Read More about what petroleum industry chiefs have to say about oil prices.

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