$38.52
-0.32 (-0.82%)
United States Oil Fund LP (ETF) (USO)
CAPS Rating:
The Fund is a commodity pool issues units that may be purchased and sold on the American Stock Exchange. It engages in the speculative trading of futures contracts and options on futures contracts.
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What will drive oil prices down? A strong dollar? US leverage? Less demand?
This country (world) is addicted to oil. Demand will not lessen without major technological breakthroughs. The one's the Oil companies have been holding back for years. Even then, it will take years (and $$$) to transition.
The oil consumers have no choice but to but what they need at whatever the oil producers ask. How else will you get to work, will product be delivered for purchase or will the world continue to function?
The credit market squeeze is actually making it far more difficult for the US to transition away from oil. Municipalities have no money for increased public transit , relocating closer to work is made difficult by the real estate market , buying a Prius is out unless you can sell your minivan , etc. Funding for alternatives is going to be very difficult and will come with lots of strings attached unless we succeed in making a bubble out of Alternative Energy. (Looking at FSLR , it is already happening..)