This is the million dollar question for those of us living in Alberta, Texas, Norway, Russia or any other area that is heavily dependant on the price of oil and gas! Will the price of oil collapse further or begin to recover? Seeing the price of oil stuck floating between $40 and $50/barrel is painfully frustrating. As leaders in businesses that depend on a strong oil market, we want to see the price of oil rise above $75/barrel so that our business can begin to grow and flourish like they were over the last 5 years. And, we would like to understand how quick this recovery will happen so we can better position our companies for this recovery.
I recently did a Google search on “collapse of oil prices” and it returned 24.1 million search results. I then did a search on “recovery of oil prices” and Google returned 52 million search results! So, who is correct?