Haase ... as profits died throughout the oil industry, key investments to infustructure, maintenance and exploration have all but disappeared. This is not just bad for market price stabilization it is horrible the environment when preventative measures are removed do to economic downturns.
First things to go in hard times are safety, quality, maintenance and environmental protection that are considered 'preventative'... so get ready for a hard reality return of high oil prices by summer. Unless we have fixed our dependence on foreign oil by then ;-)
So, will we see $200 a barrel in 2009? Ah No... the value of global currency has dropped 30-50% on all commodities so we will see $100.
Indicators from theoildrum.com
Oil Prices: Get Ready for the Rebound
Enjoy low oil prices while you can: guru
US rig count lowest since July 2005
Venezuela behind on payments to oil contractors