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Oil prices broke new records today when they passed the $122 a barrel mark, bringing renewed fears of rising costs for consumers and damage to the wider economy. A new prediction from Goldman Sachs that oil prices could rise to $150 to $200 within two years provided much of the buying impetus on Tuesday, although production problems in northern Iraq and Nigeria plus a further weakening of the dollar against the euro also helped push prices up by $2. Arjun Murti, an oil analyst at Goldman, said in a research note that prices were in the grip of a "super spike" but one which would ultimately force demand to fall sharply. Tim Evans, a counterpart at Citigroup, predicted prices could as easily fall to $40 a barrel as rise to $200 because supplies were "comfortable".
A new prediction from Goldman Sachs that oil prices could rise to $150 to $200 within two years provided much of the buying impetus on Tuesday, although production problems in northern Iraq and Nigeria plus a further weakening of the dollar against the euro also helped push prices up by $2.
Arjun Murti, an oil analyst at Goldman, said in a research note that prices were in the grip of a "super spike" but one which would ultimately force demand to fall sharply. Tim Evans, a counterpart at Citigroup, predicted prices could as easily fall to $40 a barrel as rise to $200 because supplies were "comfortable".
Should we start a pool on whether his performance will be better or worse than after Katrina? Where's your motherf*%&ing flag pin?
On your watch, we've lost almost all of our allies, the surplus, four airliners, two trade centers, a piece of the Pentagon and the City of New Orleans. Maybe you're just not lucky. I'm not saying you don't love this country. I'm just wondering how much worse it could be if you were on the other side.
Since then, the dollar has strengthened -- it closed at $1.55 on Monday -- and some economists believe that, even if it creeps down slightly, the dangers of a precipitous fall, at least against the euro, have subsided. Economists point out that American policy makers, particularly Ben S. Bernanke, the Federal Reserve chairman, have begun to voice concern about the dollar's fall and its inflationary effect in the United States, where a weak currency has increased the cost of oil and other imports for the American consumer.
Economists point out that American policy makers, particularly Ben S. Bernanke, the Federal Reserve chairman, have begun to voice concern about the dollar's fall and its inflationary effect in the United States, where a weak currency has increased the cost of oil and other imports for the American consumer.
These guys are great. The stock market doesn't know where to turn, so everything is fine now.
And that people worry about 'global imbalances' is sure to fix them without changing anything that's been going on for the past 20 years. Rien n'est gratuit en ce bas monde. Tout s'expie, le bien comme le mal, se paie tot ou tard. Le bien c'est beaucoup plus cher, forcement. Celine
Hade någon nämnt en sådan siffra för några år sedan hade vederbörande knappast setts som riktigt seriös. Att tala om möjligheten av 100 dollar per fat var att antyda rena skräckscenarior.
Att dollarn i dessa dagar inte är vad dollarn var påverkar något, men faktiskt inte så mycket.
Många framtidsprognoser - också de som gäller klimatförändringar - utgår från en ständigt stigande produktion av inte minst olja.
Jag tror att det börjar bli dags att titta på de prognoserna med lite mer kritiska ögon.
Det är kanske så att vi nått den situation där det inte längre kommer att vara möjligt att påtagligt höja produktionen. Större delen av de oljeproducerande länderna har ju redan i dag fallande produktion.
Om så är fallet är det många kalkyler som måste förändras.
Men siffran 119 dollar per fat kan inte undgå att leda till reflektioner.
If someone had mentioned such a number a few years ago he would hardly have been considered really serious. Talking about the possibility of 100 dollar oil would've been implying scenarios of pure terror.
That the dollar these days isn't what it used to be affects it all somewhat, but actually not that much.
Many prognosises of the future - also those about climate change - assumes a constantly increasing production of for example oil.
I think the time has come to look at those prognosises with a bit more critical eyes.
It is maybe so that we have reached the point were we cannot considerably increase production anymore. Most of the oil producing countries do already have falling production.
If that is the case many calculations will have to change.
But the number 119 dollar per barrel cannot avoid leading to some reflections.
