Gulf Coast Western Comments on Current Commodity Price Environment for Oil and Natural Gas
Dallas, TX, February 21, 2009 --(PR.com
)-- "We have no complaints with respect to current commodity prices; in fact, the price correction has created some outstanding buying opportunities. Clearly we are experiencing an over-exaggerated correction to the artificially inflated prices we experienced in early to mid 2008. We believe that prices will stabilize in the 3rd and 4th quarter of 2009 and that a more consistent price environment in the $60-$70 per Bbl oil and $6-$8 per Mcf of gas over the next 24 to 36 months is likely. Speculators drove prices to unrealistic highs and a worldwide recession is driving prices to unrealistic lows. A free market system will ultimately prevail and we are confident prices will adjust accordingly," stated Matthew H. Fleeger, GCW President and CEO.
Gulf Coast Western, a Dallas-based company founded in 1970, is focused on the exploration, development and acquisition of domestic oil and gas reserves.
Matthew H. Fleeger
Gulf Coast Western
12750 Merit Drive, #770
Dallas, TX 75251