Mr. Petrie last addressed The Economic Club when oil prices were about $60-70 in late 2007. They subsequently jumped to over $140 and then fell rapidly to below $40. This has had a huge impact on several major oil producers including Russia, Venezuela and Iran whose budgets need $70-90 oil prices to be in balance. With $40 oil, there is great potential for political instability. Tom addressed these issues and offered his future outlook.