"The prime minister of Qatar said Tuesday that "fair" oil prices of between $70 to $90 per barrel would ensure that expensive oil exploration could continue, avoiding price spikes in the future.
Sheikh Hamad Bin Jassim Bin Jabr Al-Thani said that while oil prices below $70 a barrel would help consumers in the short term, it later could trigger price rallies.
Lower prices mean weaker investment and lower output from oil producers, which risks boosting oil prices once global economic growth picks up again."
Excerpted from an article By Pablo Gorondi, an Associated Press writer, this seems to say that lower global oil prices are bad for global consumers.
Is it true that we should keep oil and associated distillate (e.g., gasoline) prices high so that exploration for new sources can continue? Will this benefit the global consumer? Or merely benefit those seeking sell this weird logic to the consumer?
This house is confused!
..HF.
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The beginner conundrum
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