Crude oil has plunged today also, given that OPEC was unable to reach agreement over the weekend on a production cut. The price of crude oil has fallen far enough today that the line showing last Friday's settlement price no longer even appears on the screen shot. It is down about $4.50 so far today. Take that, Hugo Chavez!
It is still my person opinion, however, that crude oil will eventually reach a bottom and move higher once again. Within the next 5-6 years, both Mexico and Britain will run out of oil and will be forced to begin to import oil. Russia's production is also declining. In 2008 alone, global crude oil reserves have declined by 6-9%! This dwindling supply dynamic is bound to eventually push prices higher again, and perhaps at an accelerated rate.
