The International Energy Association is following on the thoughts I expressed in a blog post earlier this week and saying that oil could slump more before it has a longer-term rebound.
I personally don't expect oil prices to drop below $50/bbl (that's for West Texas Intermediate) for an extended period of time, but I do expect them to stay closer to there than to $65 for the rest of this third quarter, at least.
Meanwhile, Chris Tomlinson of the Houston Chronicle salutes Shell for warning that climate change is real. I advised him to take that with a grain of salt. I said that grain of salt is about 6 years old, and its name is British Petroleum. I mean, Beyond Petroleum. I mean BP.
You get the idea.
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