Beyond Comprehension

Oil rose above $126 a barrel for the first time Friday (9th May 2008), bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil\'s recent path higher.

Source : Yahoo!Finance

Despite recent oil prices jump to new highs of more than $126 a barrel last week, many oil and gas industry executives say they expect the price to fall significantly by year’s end, a new survey shows.

Fifty-five percent of 372 petroleum industry executives surveyed by KPMG LLP said they think the price of a barrel of crude will drop below $100 by the end of the year. Twenty-one percent of respondents predicted a barrel of oil will end the year between $101 and $110, while 15 percent forecast the year-end price to be between $111 and $120 a barrel.

Nine percent said they expect the price to close the year where it’s been this week — above $120 a barrel.

That's what they say, so many experts in energy industry have made wrong predictions. There seems to be no reason for me to believe this. I am beginning to doubt that we are in control, we are in auto-pilot mode.