>>>I've heard (sorry no link) that US oil consumption is down 9%
>>>
>>>Also, since americans are cutting back, China and Europe consumption is down
>>>
>>>In addition, I feel the dollar is being supported in way I don't fully understand, but that depresses the Oil price.
>>>
>>>I believe that oil will be back at record territory by next summer
>>>
>>>Bob
>>
>>How could it go up if consumption is down?
>
>Agree. Another factor to push oil prices down is if Saudi Arabia decides it is in its best interest to lower prices at this moment.

Isn't opec also talking about cutting back production though?

>
>That is not as crazy as it sounds because it is not in their interest that world economy goes kaput ruining their sales and investments. This could be combined with investing a large sum in depressed stocks, of course, making a pile of money on those in the process.