ERHC Energy Inc (ERHE)

[maskers]

somebody that views the oil like I do

"For eight straight months, oil supplies have been running about 2 million barrels a day higher than the global demand of 83 million barrels a day, Verleger said. Eventually, he and others predicted, suppliers will tire of paying to store all of the surplus oil and flood the market. "That is the largest and longest continuous glut of supply that I have seen in 30 years of following energy prices. It's a huge surplus. There has never been anything like it," Verleger said.

The market eventually will correct itself, pushing prices down, Fadel Gheit, senior energy analyst for Oppenheimer and Co., wrote in a note to investors.

"Excessive speculation and a weak dollar have lifted oil prices to levels not sustainable by market fundamentals," Gheit wrote."

http://www.chicagotribune.com/business/chi-tc-biz-oil-0706-0707-jul07,0,610440.story