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[xanadu90]

That's it. The OPEC countries don't want to add production to lessen the price pressure, and they say there is not demand for more oil. Supply and demand are now in balance. It's imminent that they want to keep the balance as tight as possible and cash more money as long as possible. They know that oil is very difficult to be replaced by alternative fuels - not only the gasoline but all the other oil products: lucratives, plastics, fabrics etc etc. As long as they have oil they can ask whatever for it. Why haven't the governements, research institutes, politicians etc seen this coming, and invested more in research for alternatives?

That's why I believe strongly in oil drilling/service sectors. There will become more competition in oil producing, which could somewhat temper the price.

I believe dollar will stay as the world currency for the basics, for the commodities and for the financial industry. No other currency is big enough to handle these things. Weakening dollar is rising the oil price, but as the OPEC chairman said that the high price is the result of speculators, how could they dare to begin pricing the oil in euros? That would cross the line.