An oil executive warned today that oil and gasoline prices could not plausibly go much lower than they are now. It is a thought that echoes the analysis of economists who wonder how oil has managed to stay so low for so long. It is not just the ongoing train wreck in Iran that could raise oil prices. Any expansion in U.S. employment or spending will also stretch the limits of the oil supply.
And this is the season when oil prices tend to start going up. A combination of factors could easily raise world oil prices to near-record levels by June.