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$100 oil only months away, report says
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by Actual News Geezer | July 23, 2007 at 07:33 am
287 views | 10 Recommendations | 1 comment
We've had this debate at NowPublic.com before: are higher oil prices good or bad for the planet?
Today there are a number of reports suggesting that the $100 barrel of oil is only a few months away. All of them stem from one analyst's remarks, quoted here:
Oil prices could hit $100-a-barrel in just a few months, rather than by 2009 as previously predicted, according to a report.
Analysts say waning supplies are raising the chances for $100 oil, and $95 crude is likely as early as later this year unless OPEC boosts production.
"We're only a headline of significance away from $100 oil," John Kilduff, an analyst at futures broker Man Financial in New York, told Bloomberg.
Picked up at HuffPo:
Jeffrey Currie, a London-based commodity analyst at the world's biggest securities firm, says $95 crude is likely this year unless OPEC unexpectedly increases production, and declining inventories are raising the chances for $100 oil. Jeff Rubin at CIBC World Markets predicts $100 a barrel as soon as next year.
The basic good/bad argument comes down to this: high oil prices are good because they force us to look for sustainable alternatives to fossil fuels.
And: high oil prices are bad because they hurt the economy and make the west vulnerable to terrorism.
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Most RecentMost Recommended Comments (1)
at 09:35 on July 23rd, 2007
For the short term, it means more working from home I think... but as more of us do that, then the traffic jam on the streets will move to the net. Perhaps it's time to take up subsistance agriculture :) -> Good stuff.