The Energy Report: It seems the oil market has defied the expectations of all of those who were predicting $5/gallon ($5/gal) gasoline this summer. What happened to the $130/barrel ($130/bbl) oil that people were talking about?
Frederick Kozak: When oil gets into triple digits, $100+, $110, $120/bbl, it really starts impacting the North American economy, particularly the U.S. As gas approaches $5/gal, people start cutting back, which impacts worldwide demand. Combined with issues in Europe, China and other world political and economic events, the markets get nervous. The price of oil has … [visit site to read more]