My view on the poo, is that ideally we are at a price that encourages demand restraint, esp in places like the USA where it is still VERY carelessly used. If the USA had fuel taxes in place more in line with other rich countries then this restraint would occur at a lower poo.
To achieve global demand destruction, a good bit of it needs to occur in the US, this is finally happening, but it took poo well over 100 PLUS a recession. For now I'd say 100 to 120 is a healthy region, but unless the US comes to the tax/efficiency party then it will need to continue rising as they pull out of recession.
Junior/midcap oilers largely not joining the party today. Buyers must be the big funds perhaps.
147 was far too high, too soon.
EL
My view on the poo, is that ideally we are at a price that...
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