Oil Prices Rise Again on $200 Warning
Stumble it!Pressure on oil prices underlines the urgency of renewable energy development.
Oil prices stormed to a new record Tuesday after a Goldman Sachs report suggested crude could rise to $200/barrel in the next 24 months.
Light, sweet crude for June delivery topped $123 on the New York exchange before retreating slightly at yesterday’s close. Analysts say continued fear about the U.S. dollar’s stability and production cutbacks in Mexico and Russia contributed to market jitters.
The upside to higher prices is reduced demand. The U.S. Energy Department now predicts the daily appetite for crude in the United States will slack by about 330,000 barrels a day. Overall, however, worldwide demand should increase by over a million barrels a day through 2008.
Further Reading:
Oil nears $123 on $200 oil prediction, supply concerns (Yahoo Finance)
I consider that 24 months to be highly conservative. I personally suspect we will see $200/bbl within the next 6 ...
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Comment by VicinSea on 8 May 2008:
I consider that 24 months to be highly conservative. I personally suspect we will see $200/bbl within the next 6 months. Say right around December, during that period when we know who the next president is buts/he doesn’t have any power. Bush and the Good Ol’ Boys will be taking their last profits before he leaves office.