In a recent interview, Total (NYSE: TOT ) CEO Christophe DeMargerie was asked where he thought the price of oil will go in the next couple of years. His response: "It will flucturate." Aside from being tounge-in-cheek, it does remind us that despite the boom in American oil that has helped to lower prices, there are lots of factors that could send it higher as well.
One reason for a potential surge in price is a major uptick in Chinese demand. 2013 was the slowest oil demand growth for China in decades, but next year, PetroChina (NYSE: PTR ) estimates it will more than double last year's growth. This could put a higher premium on international oil prices for the year, and further down the road as China becomes more and more reliant on oil imports. Tune into the video below to discover more reasons oil prices might not go down, and why Chevron (NYSE: CVX ) is the best Big Oil company to profit from high oil prices.
What makes Big Oil players attractive investments? Dividends!
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