Blogroll Me! How This Old Brit Sees It ...: OIL ~ The Hundred Dollar Barrel ?

03 July 2005

OIL ~ The Hundred Dollar Barrel ?

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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

6 Comments:

Anonymous Anonymous said...

when will the people get wise to what's going on here?

what will it take to make them see that big oil is the real ruler of the US -- not dumbo.

the more folks have pay for gas, the more money the oil men make

it's not hard to figure -- it's a simple but BIG time heist

throw em all in jail -- then throw away the freekin key

11:38 pm  
Anonymous Anonymous said...

I listened to a speaker on an Australian radio show recently, an expert on the Saudi oil fields, opine that the long-term sustainable oil price in the 21st century would be more like $500+/barrel than $100. Things are not going to get better.

9:08 am  
Blogger Elaine Supkis said...

Well, if America runs German style inflation a la Weimar Republic, then it will shoot up to a million dollars a barrel.

4:53 pm  
Blogger Richard said...

I can't think of anything that anyone's posted as a comment here, that I disagree with.

Thanks for your interest and input, everyone.

5:32 pm  
Anonymous Rosemary said...

I suggest people bookmark this link and do some reading. It goes directly to an index of the Oil and Energy articles at From the Wilderness.

http://www.fromthewilderness.com/free/ww3/index.shtml#oil

I have no doubt oil prices will soar, Prices could get astronomical for Americans especially, because of the expected collapse of the dollar.

Think of the huge amounts of petroleum being burned up daily in our military adventures around the world, as we watch the convergence of financial trends, peak oil, war mongering and long term concerted efforts to keep Americans from knowing the truth about any of it.

Anyone who owns an SUV better sell quickly before people wise up, if they expect to get anything for it.

Mike Ruppert has been saying for awhile that Saudi Arabia is at or past the Peak Oil mark, is pumping full bore and cannot maintain the flow. Phony stories have been floated that these were deliberate cut backs to maintain prices. He says they weren't.

7:27 am  
Blogger Richard said...

The first clue that the Saudi oil was drying up was when the US began closing their bases & pulling out the troops. A good clue for To some of us anyhow.

No way would America have risked leaving ANYTHING valuable to mercy of any others.

Ruppert is right. Incidentally, as was Elaine, some time ago.

And the waste you mention, is completely irresponsible, indefencible and unforgivable.

12:14 pm  

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