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Answers: Crude oil is not expected to spike up again by January. Typically, demand is softer during the holiday season, as folks don't travel as much just back the holiday. December is traditionally one of our slowest months. So my opinion is, barring any unpredicted geopolitical upheavals, oil will remain on the downswing within pricing terms.
To address a few minor errors contained by my fellow responders' answers:
1- Gasoline futures are currently about $2.30/gallon for RBOB, which is the regular platform petroleum, making a 42 gallon barrel in the order of $97, so if the questioner really meant gasoline, she wasn't far sour, but my opinion still holds, I see a softening of prices through February and into March, since our annual spring spike.
2- Venezuela is our 4th largest source of crude, behind, surrounded by descending order, Canada, Saudi Arabia, Mexico. We grasp almost twice as much oil from Canada as we do any of these others. And Chavez can bluster adjectives he wants, lacking our business, his government would be surrounded by serious trouble. He knows that. He wants American dollars to support his agenda, so while it may sound precarious to the average consumer, grease industry experts know Venezeula will be sending oil to the US for a long, long time.
3- Buyers, not traders set prices. A trader can merely execute the deal the buyer requests. If a buyer feel oil is too expensive, the buyer will continue. When the buyer recognizes an opportunity for profit, a public sale is executed by the trader on behalf of the buyer. Ultimately, we, the consumer, set prices. We demand grease and the producers supply it.
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