"$200 Oil? It Could Be Asia’s Gift to World
by William Pesek Jr.
(Bloomberg) – The e-mail’s subject line jumps right out at you: ``Anyone Willing to Forecast $200 Oil?‘’ The report by Action Economics LLC explores the worst-case scenario for energy markets in the years ahead.
On whether the price of a barrel of crude oil will go that far, Action Economics Chief Economist Mike Englund is quite right when he says ``we suspect it’s well beyond the willingness of most oil analysts to reasonably project.‘’
Perhaps not in the near future, but thanks to economic trends in Asia, can $200 per-barrel crude oil really be ruled out? No, says Marc Faber. One of Asia’s best-known contrarians, the Hong Kong-based head of Marc Faber Limited has been managing money in this region for more than 20 years – $300 million at the moment. He publishes a monthly newsletter called ``The Gloom, Boom & Doom Report.‘’
When it comes to oil-price trends, Faber wonders if investors realize just how bad things could get for bond markets.
The fundamentals, long term, of the oil market are very compelling, extremely compelling,'' he explains. I wouldn’t be surprised to see $100 or $200 (for a barrel of) oil in the next five to 10 years. It’s not a projection. It’s that I wouldn’t be surprised.‘’
We need to open up all the oil fields shut down by environmentalist whackos, and start drilling in Alaska. Our economic life depends on it!
"The ultra-secretive Bilderberg Group, a consortium of power brokers from banking, business, politics, academia and oil, met in Munich Germany in May 2005 when crude oil prices were around the $40 a barrel mark.
During the conference, Henry Kissinger told his fellow attendees that the elite had resolved to ensure that oil prices would double over the course of the next 12-24 months, which is exactly what has happened.
During their 2006 meeting in Ottawa Canada, Bilderberg agreed to push for $105 a barrel before the end of 2008. This information was gleaned from sources inside Bilderberg who have proven reliable in the past.
By pushing peak oil theories and tying them in with the man-made global warming fraud, Bilderberg seeks to jack up oil prices to the point where the living standards of the middle class become unsustainable and the west is lowered into second world status while fat cat elitists reap the financial and political bounty."
[quote]
Zap Branigan wrote:
Use everyone else oil first and then drill our own.
etaco wrote:
It would have a negligible effect on prices anyway.[/quote]
Exactly - the current oil price run up is being caused by three things: 1) increased demand worldwide, particularly from India and China; 2) speculation; and 3) the falling dollar, in which oil prices are denominated (if you look at oil in Euros, it’s been more stable). The factors have the obvious potential to influence each other - both on the way up, and on the way down.
[quote]BostonBarrister wrote:
Exactly - the current oil price run up is being caused by three things: 1) increased demand worldwide, particularly from India and China; 2) speculation; and 3) the falling dollar, in which oil prices are denominated (if you look at oil in Euros, it’s been more stable). The factors have the obvious potential to influence each other - both on the way up, and on the way down.[/quote]
I saw that in the news this morning. Then I changed the channel, and some bald guy was saying it was people moving out of stocks and bonds and into commodities like oil and grain, effectively pushing the prices up. Then on the radio, someone said it was just OPEC being greedy.
Then, in class today, one of the other students says that it was: cue doomy-gloomy music “BIG OIL!”, because “those bastards made a million-bajillion-gazillion dollars in profits last year”.