Many complicated factors contribute to the global price of a barrel of oil, but two of the leading components are supply and risk—and both have the potential to escalate in the days ahead. The current region-wide sectarian war could easily bump oil prices up dramatically. And, the expected nuclear deal with Iran could drop them—dramatically.
Oil price predictions today play like a game of roulette, or a carnival barker of days gone by, round and round it goes, where she stops, nobody knows.
A few weeks ago, addressing the need to open up access to mid-Atlantic oil resources, I wrote: