It was refreshing to listen to Henry Groppe of Groppe, Long & Littell today when he was on Market Call on BNN today. He is the only oil expert whose opinion I respect. His forcast is that the present price of oil will double over the rest of 2009 due to Saudi Arabia's over reaction to the present oil glut/lack of demand. It is his analysis that Saudi Arabia's overreaction in 2005 and 2006 by cutting its oil production was a major cause of the situation that we find the oil market in today. He stated that Saudi Arabia's recent 2008/2009 cuts are twice as extreme as they were in 2005 and they are going to lead to a doubling in the price of oil once the current glut runs out as the year progresses.

http://watch.bnn.ca/market-call/febr...

Cheers; Scott