Over the last year, crude oil prices have been on an economic roller coaster ride. When the recession became more widespread, the price of crude oil fell, as did the price of gasoline. According to a leading automobile organization, oil has risen over 50 percent in just this past year.
The media also plays a huge role in the movement of crude oil price. For example on July 15, 2009, the price of oil increased due to a wall street surge, as well as a report from the government which stated that the supply of crude oil was at a lower level than had been anticipated.
There are many powerful companies who are keeping a watchful eye on crude oil price because it affects their profits greatly.
Our first and second oil wells in Muskogee, OK was also light-sweet crude. Crude Oil Is A Magnificent Perfume to investors.
Our next one, with an honest promoter, in Montgomery County, Kansas produced 70 barrels salt water to one-barrel oil and natural gas. Sometimes there would be minor traces of oil on the bit but those zones were too insignificant.
Yesterday crude oil prices ripped through another ceiling as it closed above $70 a barrel in New York Trading. It is widely estimated that crude oil could reach $80 a barrel in the short term, and along with the increase of crude oil comes the increase in the price of gasoline.
Two other companies to look at are Forest Oil Corp (NYSE: FST), which closed at $38.72 on Monday and has a 52-week high of $54.76 and Occidental Petroleum (NYSE: OXY) which closed at $101.25 on Monday, with a 52 week high of $101.41 this stock is set to create a new base and trade much higher in 2006.