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RE: Crude Oil Price - Reasons why the price keeps dropping

in Project HOPE5 years ago

In my opinion the prices will go up again, but not much, I estimate that between 10 to 20% at most. This whole crisis makes it clear that we should not be dependent on one type of resources (oil), and that we must diversify energy sources. In this sense, governments and countries are beginning to understand that it is very important to look for other ways to generate income, solar energy, electricity and the use of other resources are the future of humanity. As a species I think that we are one step away from evolving, and that everything is a matter of pandemic is educating us in the worst way how to develop new skills, new methods of doing things. I hope that the ingenuity of the different groups and communities comes out, because it is in these situations that scientists, doctors, architects, engineers, comedians, writers artists, old, young, children and everyone in general, we get the best out of each and I find it very necessary for us to go through this situation to learn to do things differently.This to me is a great teaching, and if we don't follow it, we become extinct as a race.

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Diversification is something that a lot of citizens have been clamouring about but the question is "who will buy what you are clamouring for" Dubai is using oil money for tourism because their population isn't that much, how many countries still need coal, tin, limestone and so on. It isn't easy to diversify.

For the market price, we can't predict but i can say that the price may fall further in the future.