According to a report on Bloomberg.com oil ended 2010 at its highest price since 2007 “ending the year above $90 a barrel for only the second time since the contract started trading in 1983.”
The article said “Fuel demand is forecast to rise 0.9 percent in 2011 to 19.3 million barrels a day, after a 1.7 percent gain this year” led by an expectation “that that the global economic recovery is gaining momentum and stoking demand for raw materials.”
— The Pickens Team