Do you think oil price will double?

@scheng1 (24815)
Singapore
February 23, 2011 2:32am CST
The political unrest in Libya is sending the price of oil up. Everyone is worried about the supply of oil. Given the fact that Libya is the fourth largest producer of oil in Africa, the disruption in oil extraction definitely increases the oil price. If the situation does not improve, the oil price will keep going up. Do you think oil price will double soon?
1 person likes this
5 responses
• Philippines
23 Feb 11
Oh my God, i don't wanna think about it. The oil price right now is really killing me, and thinking that the price of it will be double makes me go crazy. I really wish that there's no more oil price hike. Please no more increase, but decrease it instead.
1 person likes this
@scheng1 (24815)
• Singapore
23 Feb 11
Hi Vashstampede, it is impossible to have a decrease if Libya continues like this! I think even international pressure is not able to help improve the situation there. The investors everywhere are so worried about the unrest in Libya, and the Middle East. Hard to imagine that Egypt unrest could spread to so many countries within a short time. That is why the stock market crashes happen everywhere. I think if the oil price increase just ten or twenty per cent, we should count our blessing.
@lhenpaule (497)
• Philippines
23 Feb 11
There is a big possibility on that if the present situation in Libya will take long. Let's hope it'll be ended the soonest.
• Philippines
24 Feb 11
I agree with you. Let's still hope for the best for Libya.
@babyEj (1525)
• Philippines
24 Feb 11
Let's be thankful that there will be no disruptive actions if US government will take in to help the country. US government is one of the most liked and hated by people due to contrastive principles in politics and customs.
@scheng1 (24815)
• Singapore
24 Feb 11
Hi Ihenpaule and BabyEJ, now even the king of Saudi Arabia is scared. That is why he offers, or orders, the payment of 3.7 billion dollars to the poor and middle class people in the country. If only the stupid dictator in Libya can do the same, the world will be at peace very soon.
@dragon54u (31547)
• United States
23 Feb 11
Libya only produces 2% of the world's oil. But the riots and the overthrow (hopefully) of Kadaffi put the markets in a tailspin with investors looking for safer investments than oil. And oil prices go up because the market is uncertain about the production in that part of the world. So yes, I think the price will double soon or at least reach the equivalent of $4 a gallon. If I were you I would stock up as much as possible on staple foods like flour, oils, sugar and other things. Food is going to get very expensive as gas prices rise and they've risen a lot already. I have a couple month's worth of food stored already.
@scheng1 (24815)
• Singapore
24 Feb 11
Hi Dragon54u, the fear is not in the situation in Libya. The fear is that the people in other oil producing countries will start to overthrow their governments. If that happens, we might revert to the old days when oil was not available. I cannot imagine how I can survive in times when people engage in farming, fishing and hunting for survival sake.
@staria (2782)
• Philippines
23 Feb 11
Sure it will given the situation in Libya, though there are still some countries that produce oil that arent affected, I am quite sure that there are still those greedy people who will take advantage of the situation.
@scheng1 (24815)
• Singapore
23 Feb 11
Hi Staria, the worry is that the political unrest spreads out to other oil producing countries. The fact that Egypt can force the corrupted ruler to step down gives hope to the citizens of other countries. If Libya again brings down the dictator, other countries will start to force their rulers down too. The worst thing is that so many oil producing countries are near to each other.
@picjim (3003)
• India
23 Feb 11
The crisis in Libya and the Arab nations can have devastating effects on the economy of all nations.Oil price increase can have a spiraling effect on the economy in turn affecting us all as inflation can rise.I can't gauge to what extent the oil prices will go up but if the present crisis continues it will have the effect of a steep rise on oil prices.It is indeed a difficult time for us all who have just come out of an economic slump.
@scheng1 (24815)
• Singapore
23 Feb 11
Hi Picjim, I think this is the only time that many people in developed countries heard of Libya. Hard to imagine that such a poor country can bring down the whole world. Now the stock markets everywhere crashes. The next step is the continuous increment in oil price, and then everything will increase in price. It is hard enough to see the price of rice, vegetables, wheat and other food items goes up. I think if the situation does not improve, we will re-enter the economic slump.