Oil prices to top $60 by autumn, analysts warn

D-Notice

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Sun May-22-05 05:08 AM
Original message

Oil prices to top $60 by autumn, analysts warn

From the Observer:

Oil prices will surge through $60 a barrel by the end of the summer, delivering a fresh shock to the global economy at the height of the US 'driving season', analysts warn.

But Paul Horsnell of Barclays Capital said the $10 price decline over the past month had been a temporary respite, and the market was about to 'tighten significantly', pushing the average price of a barrel of crude above $60 in the third quarter of 2005.

He said that the Chinese economy sucked in a record 3 million barrels of oil a day in April, up more than a fifth on the same month last year, while a production squeeze in Russia means that even with Opec producers turning on the taps, supply could struggle to keep up with demand.

Yay! Recession here we come!

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tedoll78

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Sun May-22-05 05:12 AM
Response to Original message

1. Haha..

recession.. just in time for the 2006 midterms. Yippee.

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pokercat999

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Sun May-22-05 07:49 AM
Response to Reply #1

8. The repugs will blame it on one of two things

1. If we win the mid-terms it will be the dems fault because everyone knew we would win and just knowing that caused the depression.
2. If we don't "win" the mid-terms, RE:Diebolt, it was Bill Clinton's penis, which always surprises me considering that "Big Bill and the little misses" are now repukes.

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ausiedownunderground

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Sun May-22-05 05:18 AM
Response to Original message

2. Price of oil is being "shorted" at the moment by the "fundsters"!!

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radfringe

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Sun May-22-05 05:21 AM
Response to Original message

3. semi-tin-foil-hat-theory

maybe my :tinfoilhat: is on a bit tight -- but....

anyone else notice this (it's occured time and time again over the past 20 years):

typically gas/fuel prices rise in the spring and fall, the usual excuse is "switching over" to seasonal blends, although now the excuse includes a lack of refining facilities...

but within days of a media story which says "Congress to investigate Fuel Prices" - the prices drop dramatically and the investigation goes away

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dbt

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Sun May-22-05 05:28 AM
Response to Reply #3

5. That ain't even SEMI- tinfoil, that's REAL.

Thank you, radfringe! The mere mention of an investigation is good for an immediate dime-a-gallon drop. And the longer the threat looms, the longer the decrease continues. But the threat never looms for very long, does it?

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radfringe

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Sun May-22-05 05:57 AM
Response to Reply #5

6. as someone who lived through the "embargo" of the 70's

during Carter's administration... the price gouging and market manipulation is something I watch out for

I have a friend that worked on an oil tanker during the 70's "embargo" - he said his FULL-OIL tanker floated off shore in international waters for several weeks. They were ordered by the oil company NOT to dock and unload. A supply ship would sail out and provide food/supplies when they ran low. He said this was typical, and that there were several tankers floating around off shore at the same time

wouldn't be surprised if the same thing isn't still happening...

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4dsc

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Sun May-22-05 07:50 AM
Response to Reply #6

9. Big difference between Peak oil and an embargo

The 1970's embargo was a joke but Peak is not.. To understand the difference is know what's really going on now.. Too bad we didn't learn from the 1970's embargo but it appears we will repeat the consequences..

http://www.theglobeandmail.com/servlet/ArticleNews/TPStory/LAC/20050521/OILCOVER21/Business/Idx

Welcome to the age of Scarcity!!

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bluestateguy

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Sun May-22-05 05:24 AM
Response to Original message

4. And to think

These people were whining, pissing and moaning and of course blaming the Clinton Administration when oil was going for 35$ a barrel in 2000.

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drduffy

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Sun May-22-05 07:42 AM
Response to Original message

7. These are just the first

beginning indicators of the impending Peak Oil crisis. In the end, unless Bush Co. can dominate the Middle East, with the lives of our children used to pay for access to cheap oil, much, much more than a 'recession' will be coming our way. I'm already planning on purchasing a small farm where I can use steam or horse power for planting the crops.

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