will oil hold?

what do ya think people will oil continue higher ? or are we in for a pull back. I mean this all depends on Syria right?

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It depends in part on Syria, but that isn't going to lift oil prices and keep them there. For every geopolitical event and OPEC production cuts that pull prices up, US oil production pulls it down. While Saudi Arabia may be gunning for $100 oil, I think even $70 oil is optimistic.

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Venezuela and even Angola may help to lift prices, but these are all short-term things--they're not sustainable. I mean, I guess Venezuela's lack of production is sustainable in itself, but in the end, its production losses will be offset by another producer. OPEC should realize it no longer runs the show. There are many other things affecting prices right now (yes, like Syria). 

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9 minutes ago, Rodent said:

Venezuela and even Angola may help to lift prices, but these are all short-term things--they're not sustainable. I mean, I guess Venezuela's lack of production is sustainable in itself, but in the end, its production losses will be offset by another producer. OPEC should realize it no longer runs the show. There are many other things affecting prices right now (yes, like Syria). 

Neither Angola nor Venezuela are going to pull up out of their oil tailspin. Syria will lift prices but sooner or later this will end.

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When gas in the US goes over $3.50 a gallon our average working Joe 6 pack guy will run out of disposable spending money in about 1 month. Then watch the economy come to a screeching halt. Then gas inventory's rise and then gas will have to come back down.

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