Peter Schiff Says Oil Prices SHOULD BE Going Through the Roof Right Now

President Obama announced that he would be extending the moratorium on offshore drilling for at least another 6 months. This announcement just happens to coincide with the time of year that the demand for oil historically spikes — the summer time. Why is it that a decrease in production, combined with a time of historically increasing consumption and a history-making oil disaster, oil is not going through the roof? According to Peter Schiff “Oil prices SHOULD BE going through the roof right now. The only reason they’re not is because of the broad-based sell-off around the world in equities, commodities, and other currencies due to the fear of contagion in Europe. This is trumping the very very bullish news for oil. But once we hit a bottom, I think we’re gonna see a huge increase in the price of oil.”

Peter see’s oil going over $100 a barrell, a huge increase from the current price of oil. See the video below:

How an Economy Grows a... Schiff, Andrew J. Best Price: $1.99 Buy New $7.20 (as of 11:05 UTC - Details)

There are a myriad of different ETF options available to participate in the rise in oil as some will do much better than others. We have included some in the list below.

PowerShares DB Oil Fund West Texas Intermediate Crude Oil (DBO)

The investment seeks to track the price and yield performance, before fees and expenses, of the Deutsche Bank Liquid Commodity Index — Optimum Yield Oil Excess Return. The index is a rules-based index composed of futures contracts on Light Sweet Crude Oil (WTI) and is intended to reflect the performance of crude oil.

United States Oil Fund West Texas Intermediate Crude Oil (USO)

The investment seeks to reflect the performance, less expenses, of the spot price of West Texas Intermediate (WTI) light, sweet crude oil. The fund will invest in futures contracts for WTI light, sweet crude oil, other types of crude oil, heating oil, gasoline, natural gas and other petroleum based-fuels that are traded on exchanges. It may also invest in other oil interests such as cash-settled options on oil futures contracts, forward contracts for oil, and OTC transactions that are based on the price of oil.

United States Gasoline Fund Gasoline (UGA)

The investment seeks to track, net of expenses, the changes in percentage terms of the price of gasoline. The trust will invest in the futures contract on unleaded gasoline delivered to the New York harbor traded on the New York Mercantile Exchange that is the near month contract to expire.

iPath S&P GSCI Crude Oil Ttl Ret Idx ETN (OIL)

The investment is linked to the performance of the Goldman Sachs Crude Oil Return Index and reflects the returns that are potentially available through an unleveraged investment in the futures contacts comprising the index plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying contracts. The index is derived from the West Texas Intermediate (WTI) crude oil futures contract traded on the New York Mercantile Exchange.