Crude Oil dips to $55/bbl, 1 year low

The price of crude oil petroleum futures has taken a 1 year low dip to around the $55/bbl mark. Pundits are pointing to higher stockpiles as well as production capacity. But the specific reasons in turn for that begin to get scarce. They hype-o-rama that started 18 months ago around rising demand in the US as well as the up and coming behemoth levels in China has long been laid to rest. Though not much can be done about high growth vehicle demands in China, India and other Pacific Rim countries, the advent of alternative fuels in the west and USA's potential to check its appetite and demand will keep the markets guessing. Winter forecasts and further psychological pressure should drive the price lower. But there should be oscillation. I would look for a range of $45 - $65 over the next one year or so. And, do not dismiss that powers-that-be can lower price by jacking up production, refining and delivery to keep the black gold attractive.

Gas prices at the pump here in the USA, however, have increased by roungly 8 cents or so. These should see some softening ahead of a winter with a mild forecast.

Though important, such matters I feel are not critical. The job is at hand: Diversified sources, low cost, eco-conscience, less political fodder.