Lately, it seems like everyone is trying to predict the future of oil prices. I tend to think predicting the future of anything is frankly, pretty darn difficult. See my post last month entitled, " Is Predicting the Future of Energy Like Driving Down a Dirt Road at Night with No Lights On."
It got me thinking...what would the legendary cowboy, John Wayne, say about the future of oil prices?
Hold your horses, pilgrim...
First, what are energy folks saying about the future of oil prices?
The New York Times ("NYT") published an article today entitled, "Not Everyone's So Sure Low Oil Prices Will Stay Put." The NYT article explains in detail how the predictions are for the average price of oil over the next year vary from the low $50 per barrel range to the $60s based on the fact that "a few experts have gone out on a limb, arguing that the market has become complacent in its outlook, just as it was when the price stayed above or close to $100 from 2011 to 2014."
As we previously discussed, the U.S. Energy Information Administration ("EIA") is projecting that Brent crude oil prices will average $51-52 per barrel in 2017.
Also, it should be noted, as always, that many considerations have an impact on the price of oil. From OPEC, international relationships and the value of the dollar to basic supply and demand considerations – there is a lot that could play a role. A good summary of these issues can be found here in an article published today by MarketWatch.
So what would John Wayne say about the future of oil prices? Oil prices have been such an unpredictable ride lately, and the truth is, the future is difficult to predict. I think if John Wayne was asked what he thought about the future of oil prices, he'd walk into the saloon and say:
"Courage is being scared to death but saddling up anyway."
This and more John Wayne quotes can be found here.
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