"I do not believe that this will have a significant impact on the oil prices...The oil demand continues as countries make strides towards economic recovery..."
(PRWEB) May 15, 2011
According to insideline.com, "The death of Osama bin Laden in a dramatic raid by U.S. forces is not expected to have a major impact on pump prices. President Obama announced Bin Laden's death in an official statement last night."
Other sources such as wwlp.com say that the death will have a short-term impact on gas prices. Since the announcement, gas prices have been fluctuating. And according to the Warwick Beacon, “This is an unprecedented rise in prices,” said Lloyd Allen, Senior Vice President of AAA. “While it could be due to any number of factors, the recent death of al-Qaeda leader Bin Laden certainly poses an interesting development in the Middle East saga influencing our prices back home.”
In an article by the associated press, Oil fell below US$111 a barrel early Monday morning shortly after U.S. President Barack Obama announced bin Laden's death. By midmorning it was on the rise again, reaching US$114.83 before it reversed course. Analysts say traders are concerned that Bin Laden's death may lead to retaliation from his followers that could affect oil supplies.” Which only corroborates the fact that prices may be oscillating of late, yet there does not seem to be a dramatic impact on the oil and gas industry in America this far.
Kevin Boyles, CEO of Team Resources California based oil and gas company commented on the president’s assessment. He states that “The death of Osama bin Laden is most welcome news by myself, the majority of the United States, our Allies, Democratic Countries and even within the Muslim Nation as the Taliban leader and his followers do not represent the Muslim faith and outlook on life. The fight against terrorists will continue unfortunately, but maybe this will send a resounding message. In light of this recent US military success, I do not believe that this will have a significant impact on the oil prices as the Taliban had little to no significant impact on the global production of oil– additionally the Taliban’s main focus was bombing public markets, military posts and religious gatherings and not focused so much on targeting oil fields, pipelines or transportation tankers – as we have seen from other radical groups in the past. The oil demand continues as countries make strides towards economic recovery and with the production / output running very close coupled with the weak dollar, prices are very much likely to continue to be above $100 per barrel for 2011 and predicted to approach $125-$150 per barrel in 2012.”
Team Resources, Inc., headquartered in Ventura, California, is an oil and natural gas operating company founded in 2002 by President & CEO Kevin Boyles. Team's current development acreage is located in S.E. Kansas, with field offices located in Yates Center and Burden, Kansas. Team Resources, Inc owns 50% of BC Management Services Corp. (Team's Kansas Production, Operating and Service Company). BCMSC is a "hands on" company presently operating more than 40 wells and Team's 300+ mile natural gas transmission pipeline, thus ensuring delivery of natural gas to market for Team and other area oil / gas producers. BCMSC maintains Team's properties by owning a completion rig, dozers, trenchers and gravel / water trucks that provide the ability to build infrastructures. Team offers the opportunity to speak directly with the owner of the company, we also invite our investing partners to meet us out on location and experience a personal “field trip”.