Bloomberg reports that President George W. Bush intensified pressure on Congressional Democrats to end an offshore drilling moratorium, saying lawmakers have closed off "vast'' oil reserves that could be tapped to lower record gasoline prices.
For the people of the world who are are waiting for the oil prices and the petrol prices to ease off, here we have more and more points for guessing :
Iran
OPEC
U.S. drilling
Speculation
As on July 19th, oil prices have fallen a fourth straight session as fears lingered that record prices are forcing consumers to cut consumption. Also, some statistics point out that US oil demand in recent weeks was down 2 per cent from the same time last year as gasoline and other fuel prices caused drivers to think twice about trips.
Some analysts predict that oil will end up at US$ 150 per barrel by year end. No predictions from us. There are too many variables to add in the prediction machine, we fear that the machine will break down?
