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Oil prices not expected to stay high, expert says

 
ROD WALTON - Tulsa World | Published: June 26, 2009    Comment on this article Leave a comment

TULSA — Oil prices may not sustain their current rebound because of weak short-term demand, but government interference could hit everybody hard financially in the future, a longtime industry expert said Thursday.

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Oil and Gas Journal Editor Bob Tippee noted that supply still is growing and demand is falling in the energy sector during his midyear forecast at the downtown Petroleum Club. The event was sponsored by the Energy Advocates group.

"The fundamentals are not very good,” Tippee said. "I have a hard time explaining $70 for a barrel of crude oil.”

Indeed, Energy Advocates President Mark Stansberry earlier praised Tippee’s foresight last year. The journalist predicted more caution at a time when oil was running up to $147 a barrel by mid-July 2008.

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Related Topics: Science and Technology, Technology, Energy Technology, Environmental Issues and Protection, Alternative Energy, Hydrofracking



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