What are the chances of the oil industry crashing in the near future?

Oil prices seem to be out of control and just seem to keep rising with no end in sight...similar to the stock market in the days before the depression. What are the chances of a crash in the oil industry in the near future?What are the chances of the oil industry crashing in the near future?
By a crash, do you mean dropping back to $80 a barrel? That is a distinct possibility, especially if suburbia turns in its gas guzzling SUVs for Toyota hybrids, which it does appear to be beginning to do.What are the chances of the oil industry crashing in the near future?
The chances are increasing every day for an 80s style crash as oil keeps going higher and higher, And if we go into recession and unemployment goes up, gas consumption will go down. The higher oil prices go the stronger foothold alternatives get as well. These high prices increase the potential price shocks from upsetting the true supply demand balance. The cure for high prices is high prices. Moderate prices would be much better for the oil industry.





Whats holding oil prices up is geopolitics and speculation. Very unstable foundations. Supply and demand have little to do with it. Worldwide oil demand is expected to grow 1.3 million barrels a day this year. China consumes about 7-8 million barrels of oil a day and produces about 60 percent of that themselves. The US consumes about 20 million barrels a day and produces about 40 percent of that domestically. India consumes about 3 million barrels a day and produces about 500k of that domestically
0% Your milkshake was delicious, by the way.
NO CHANCE IN HELL !!!So long as we have liberal idiots who will not approve offshore drilling in the Atlantic or close to shore in the Gulf of Mexico, or on federal lands in the West where there are proven reserves, when no new refineries are being built despite the increased demands, domestically and worldwide, prices will continue to rise. It is time to do more exploration in the US and rely on ourselves more than OPEC and CITGO. Now is also time for alternative energy not ethanol which takes a gallon of fuel to produce a gallon of ethanol.
Zero!!! India and China are consuming at a rate that will make the US consumption small change in no time.