$500 oil coming?
A recent Money.com article points out some reasons to be concered about the future of oil prices (actually, prices are up some $25 today along, as I write this article). While I am the last person on earth that should be predicting oil prices, I thought P2P-Loans.com readers might appreciate the analysis presented in the article below from Fortune Magazine.
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Here comes $500 oil
(Fortune Magazine) -- Matt Simmons is as perplexed as anyone that it has fallen to him to take on OPEC, Exxon, the Saudis, and all the other misguided defenders of conventional wisdom in the oil patch. Why should one investment banker with a penchant for research be required to point out what he regards as the obvious - that from here on out, oil supplies can't meet demand, and if we don't act soon to solve this crisis, World War III could be looming?
Why should a man who scorns most environmentalists have to argue that locally grown produce and wind power are the way of the future? Why should a lifelong Republican need to be the one to point out that his party's new mantra - "Drill, baby, drill!" - won't really fix anything and that his party's presidential candidate is clueless about energy? That the spike in oil prices earlier this year wasn't a temporary market anomaly and the recent retreat in prices is just a misleading calm before a calamitous storm? That we're headed toward $500-a-barrel oil?
Read the rest of this article online at Fortune.com (click here).
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Here comes $500 oil
(Fortune Magazine) -- Matt Simmons is as perplexed as anyone that it has fallen to him to take on OPEC, Exxon, the Saudis, and all the other misguided defenders of conventional wisdom in the oil patch. Why should one investment banker with a penchant for research be required to point out what he regards as the obvious - that from here on out, oil supplies can't meet demand, and if we don't act soon to solve this crisis, World War III could be looming?
Why should a man who scorns most environmentalists have to argue that locally grown produce and wind power are the way of the future? Why should a lifelong Republican need to be the one to point out that his party's new mantra - "Drill, baby, drill!" - won't really fix anything and that his party's presidential candidate is clueless about energy? That the spike in oil prices earlier this year wasn't a temporary market anomaly and the recent retreat in prices is just a misleading calm before a calamitous storm? That we're headed toward $500-a-barrel oil?
Read the rest of this article online at Fortune.com (click here).
Labels: economy, Oil prices
posted by Blogging Man @ 2:37 PM
Seed Newsvine
1 Comments:
At September 22, 2008 9:57 PM ,
Eric said...
The $25 pop in oil was a short squeeze on the contract that was ending today. That contract closed at $120 (down from $130 where it peaked), but the contract that everyone is trading is at $108-$110. No less worrying, but not as horrible as was reported by the mainstream media.
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