Oil is Back

Good news for people who bought hybrids during the days of $100+ per barrel oil prices. The escalating war in the middle east between Isreal and Hamas, growing tensions between Russia and Ukraine and OPECs production cuts have pushed oil prices back over $50 per barrel. The political tensions are prompting buyers to pick up oil at depressed levels as they worry about future supply issues that could result. The market will now have to determine just how high oil should be priced as they weigh the new supply concerns against the economic slowdown that cut worldwide demand.