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Energy

Oil Drops To $97

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By Douglas A. McIntyre Published
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Oil has passed $97 on its way down to what some analysts believe will be $90 or less. That would be a reset of more than 15% down over two months. The worry about a battle with Iran over crude sanctions is almost forgotten. So is the belief that a drop in refinery capacity will keep gas prices higher.

And, those prices, based on the average price of a gallon of regular nationwide, have backed down toward $3.75 after a failure to reach a predicted peak above $4. Oil traders, in some large number, think that large supplies of gas in the US and a drop in demand for crude in economically crippled Europe will press prices down even more.

That shows how fast conventional wisdom can change.

Douglas A. McIntyre

 

 

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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