Now that oil is below $59 (at this instant, may not be by the time I hit publish) I am wondering when Iran will threaten to nuke Israel or to use oil as a weapon in order to up the price again. Of course if Iran's usual assortment of threats do not impact the price then their real leader (OPEC) will step in and say that they may make cuts or that there may be a supply issue in order to raise the price back up to $60+, which I still think is unsustainable for the global market.
Fortunately the DoE is looking into diversifying US oil imports with more non-OPEC countries being thrown into the mix. Saudi Arabia was still our top OPEC source in October and Canada our largest non-OPEC source. Imports were also a bit lower than they were in September.
|technorati tags: oil, energy, oil price|