Will 2012 Play Out Like 2008 for Oil Markets? – US Business News – CNBC

Will 2012 Play Out Like 2008 for Oil Markets? – US Business News – CNBC.

Nader Nazemi

Oil Prices Sliding

I thought everyone especially the US was complaining that oil prices were too high. And at any rate, the EU is enforcing an embargo on the import of Iranian oil on July 1st, so that would further destabilize the oil markets. At any rate the US only imports about 10% of its oil from the Persian Gulf. Oil was trading in the range of $150 in 2008.

There is some economic hope in the new government in Greece, but if oil prices are any sort of barometer, theglobal economy has a long way to go before 2008 is in the rear-view mirror. In general, crude oil prices are down more than 20 percent for the year, amid lingering concerns that a dismalEuropean economy will do anything to encourage demand. 

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