OIL ~ The Hundred Dollar Barrel ?
If you thought the price of oil had peaked when it hit a record $60 per barrel last week, then you should think again. How's this for a horror headline?
* Oil 'will hit $100 by winter' *
Worst-ever crisis looms, says analyst. Surging demand to keep prices high.
Heather Stewart, economics correspondent, The Observer, Sunday July 3, 2005
So, you may be thinking, who the heck is this Heather Stewart? What the hell does she know?
Let This Old Brit enlighten you a little. She knows what a famous Texan oil analyst is warning - that's what. Take a look below and see for yourself.
Oil prices could rocket to $100 within six months, plunging the world into an unprecedented fuel crisis, controversial Texan oil analyst Matt Simmons has warned.
He warns of the possibility of something else too. More bloody war!
Yep, honestly and truly. Can you believe it? Well ...... can you? Really?
Saudi Arabia, the world's largest producer, is running out of oil, and further price rises are inevitable as supplies decline. He warns that the scramble for resources could eventually descend into war.
Others in the know are now openly airing their own oil worries. Amongst those others is the EIU - who have this to say.
... EIU warned that its forecasts - which show a 30 per cent increase in oil prices for 2005 - could prove too conservative ...
How long can this shambles go on? That's the 64,000 dollar question of course. But, surely something has got to give? Or maybe, someone has just got to go? And, sooner rather than later.
And now, another specialist oil analyst, from the giant Citigroup, chimes in too.
'It's fear,' said Kyle Cooper, an analyst at Citigroup.
Well, I don't know about you, but this certainly scares the This Old Brit. Not just the increasingly likely possibility of seeing the hundred dollar oil barrel - within six months - either. What scares me most is what Simmons, almost casually, throws into the conversation. Here it is again in case you missed it, or if it didn't sink in, the first time of reading.
... the scramble for resources could eventually descend into war...
If you've got the stomach for more, then hit the link at the end.
By the way, before I forget - here's a special message for all This Old Brit's American friends.
Y'all have yourselves a very, very happy 4th of July!
Observer link to the full oil article: http://observer.guardian.co.uk/business/story/0,6903,1519745,00.html