The Price of Oil Lies

The price of oil is one of the most manipulated commodities period. For years it was OPEC who cut production, and then increased production to secure their income without any concern for any other country's economy. We have been hearing lies about oil shortages since the 70's. In 2008 the International Energy Agency stated that we had 40 years of oil left at that day's consumption rates. Something doesn't make sense. If we only have 33 more years of oil left shouldn't it still demand a high price because even though there is an oversupply today it is still a limited commodity? I guess it did in June 2008 because oil peaked at $145/barrel, and Goldman Sachs predicted it would go to over $200/barrel. Wow! But, guess what happened. In February 2009, only 8 months later, the price of oil was $43.90/barrel. Again, something is not adding up. Just yesterday Saudi Arabia announced their budget based on oil at $29.00/barrel. At that price they are creating a budget deficit, and their surplus war chest of over $900 billion is predicted to be gone within 5 years if prices do not go back up. I agree that the Saudis are keeping oil production up to drive out higher cost producers. I agree that the world's appetite for petroleum has been reduced because of slowing economies. But, it still doesn't make sense. Cheaper price of gasoline/diesel means more use, and we still have limited supplies. Trust me folks. Just as oil dropped by 330% in 8 months it can also go up by the same amount. Don't listen to what the media, or officials are saying. It's all lies!