I think we will need summer driving season to see that US gas consumption is back on a growing path before oil prices will go up. We have record inventories of crude. Can't store it all. Need consumption to increase back to prior levels before the excess can be worked off and normal consumption patterns resume.
Groppe seemed to think that oil prices would start to increase in 2nd half of 2009. I would think it would be later than May before oil starts heading up.
IAE.V... Bobwins: if you had a chance to look at F/M report...IAE on their JAN 06/2009 pr, stated they will be producing 7500 bopd in mid March {lt 24api} from one of their blocks in the north sea...Balance sheet not the best, but price is only 0.38...F/M has 12mo pps of $1.70...
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