General expectation appears to be prices falling below $100 per barrel by the end of the year. Reports suggest the recent Turkish pipeline shutdown and tropical storm Edoaurd caused little or no change to yesterdays prices which suggests a far cry from the volatile price spikes of last month. Decreasing US and general worldwide demand, coupled with ecenomic slowdown, appears to be pushing prices in the right direction. The situation is still far from healthy but the scaremongering predictions of $200 per barrel by the end of the year appear to have fallen flat.
Ford American now investing money in cheap fuel efficient car design, says it all. Perhaps the US has finally had its wake up call to energy consumption.