Canadian Commodities Investing Discussion
3 posts • Page 1 of 1
Many Canadians are worried about oil prices lately. I drive around 400 km per week and I can tell you that this is expensive exercise with prices around 1.30 per liter for regular gas. I'm not sure if oil will go down in the short term (it might), but I'm afraid that in the long run the price of oil is going much higher.
I've recently read in a magazine that the price of oil will only rise from now on and such things as flying to Vegas for the weekend will become a luxury or simply not affordable. The thing is that the rising price of the oil will affect our everyday life deeply, the price of groceries, the price of the homes in the suburbs...People will have to live close to work or to public transportation.
The oil situation looks like a classic commodity bubble, and I think the price of oil should come down a lot from here and very soon. I won't be surprised to see oil at $70 USD or even less by the end of the year.
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