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The Guardian, today, has this story: Oil 'could hit $95 a barrel this year':

The key Middle Eastern members of oil cartel OPEC were tonight coming under pressure for an immediate increase in production after a warning from Goldman Sachs that prices could hit a peak of $95 a barrel by the end of the year.

With a new bout of speculative activity today driving Brent crude to within a few cents of the record $78.65 reached last summer, Goldman said shortages of supply were behind the steady rise in oil prices.

Of course, increased production means peak oil comes that much more sooner, if it hasn't already happened. And, of course, as your diary notes -- the oil producers "can't meet burgeoning global demand for oil". So, $100/barrel is looking to be on the cheap side anymore.

by Magnifico on Mon Jul 16th, 2007 at 07:48:15 PM EST

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