Oil closed at $36.22 a barrel today, down $3.84, how much lower will it go?

How detrimental do you think this is to our economy?Oil closed at $36.22 a barrel today, down $3.84, how much lower will it go?
Looks as though the price is headed to about $25 per barrel. We had the same thing happen in the 1970's....Opec is trying to influence the political climate in this country which may be headed to replacing some or most of the oil as a source of energy. They want to keep it cheap again so our Congress will do what it did back then, which was nothing, and this left this nation at the mercy of the OPEC countries.The production cut they are announcing is just because the demand has dropped so much that the market is not available for their present output. Watch to see how stupid we can be a 2nd time..Oil closed at $36.22 a barrel today, down $3.84, how much lower will it go?
It looks like it's headed for $20.





It proves what a fraud $150 per barrel oil was and that the oil companies merely looted the public -- which is exactly as it appeared when all the oil companies were announcing their extraordinary profits a year or two ago. There were never any shortages. Capitalism is a crime. America is a criminal enterprise.





';Capitalism is the legitimate racket of the ruling class.'; -- Al Capone
It will probably drop a little lower, and light of Americans had started to use less gas during the gas crisis. If we can continue to streamline our consumption, we can look forward to better days in reference to the oil companies. Hell about time!
It is going to continue to slide. Opec is getting scared to the point where they will need to produce more to sell. Basically they failed to follow common business practices and forced the customer to change. We all started to care about MPG and so we bought higher MPG cars so demand has dropped.
cutting the price of oil,has got to be a good thing for the world economy,distribution,and transport costs go down,which in turn,must make goods,manufacturing and services cheaper,possibly even kick start things again,
Listen, no matter how bad the economy is, OPEC plays a little game. Raise the price of oil then lower, then raise, then lower again. You just watch, the prices will soar up again in the summer.
It dropped because OPEC threatened to cut production. The world is fed up with their bully tactics, so the speculators are dropping the prices. It's far better than what they were trying to do over the summer.
well opec just signed to cut 2 million barrels a day so come may our gas will be about $2.95-$3.95 a gallon


cheap gas can only help the u.s. economy
It won't go much lower. OPEC is turning off the spigot.





I'd fill up today if I were you.
I think it will hit $25/barrel.
i heard it's going down to $1.00 a gallon


i guess we will see how detrimental it could be
Are you kidding? When was cheap gas ever a bad thing?
i don't know .....