Can oil price below 90$ ??

In the principle of economics, when demand is higher than supply, definitely price of that commodity will rise. you know that this crude oil is not produced by all nations while those who produce it have come together as a body and therefore become a monopolist due to the fact that they can regulate the quantity for the market. so if there is short of crude oil, price will surely rise while if they increase the production of crude oil, the price will fall even below $90 per barrel. this is a monopolist organisation in the world and they can determine the quantity to put in the world market. this increase in price of things do not affect the oil producing countries.

Where are you located? I'm in the USA and I we have oil heat and I just spoke to our oil company who says it's a $3 a gallon right now and I have a 330 gallon oil tank. From what I hear, it's not like gas heat is much cheaper. I honestly think our government needs to take a stand. I can hardly afford to heat my house and my oil company was telling me how much harder it is for elderly people to afford to heat their houses in the winter. Something has got to be done. It's an outrage.

Well if you think about it, the reason that gas prices are getting so higher is that it is now harder to pump for gas because we (humans) have used up a good portion of it. Before it was easy to pump out gallons of oil to use for cars etc. but now that there is so much demand the supply of oil has gone done therefore the only way to break even is to make the gas prices higher. I guess we should be grateful though, because in a few years I expect the oil price to get much higher!