Oil Price: will high gas prices prop it up against falling?
Although the price of WTI has been remaining below $100 for this week, a significant divergence in price between two major benchmarks, WTI and Brent, continue to baffle the analysts and investors alike. The fall in price, however, has not made a perceptible impact at pumps in Europe at present; it is far above what it was at the same time last year. That means, the political elite are not in a position to breathe a sigh of relief while holding the nostrils just above the surface of the ocean of disturbing economic indicators. It is premature to assume that the fall of oil prices will continue unabated right down to the level that it was this time last year; the price of LNG, liquified natural gas, meanwhile, has more than doubled in a span of one year and there is a strong tendency that industrialists may turn to oil as a substitute for gas, if the price of the commodity remains at this level. European governments, perhaps, never anticipated that Russia would play the 'gas card
