Letter from the Publisher
The price of oil has been like a bad business partner who’s been on vacation all year. At 10 year lows a lot of people are worried and hopeful we’ve seen the bottom. I’ve literally listened to 100 financial experts explain where the price is going and when. Regardless of which opinion you listen to there’s always a caveat and we all know it: supply. If OPEC throttles back on their daily production.. If our domestic refineries finally start to dry up.. If demand grows faster than expected.. If there’s a major terrorist attack or world event.. There’s a never-ending amount of scenarios that could affect supply. However it plays out, we won’t start a recovery until we see the supply line drop below the demand line. As soon as that chart turns over we’ll see higher prices quickly. The next big date is the OPEC meeting in February. Their last meeting ended in turmoil with everyone essentially taking their ball and going home. Best case scenario is clear guidance and an honest, transparent ceiling on their daily production ability. Too much?