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FatalWishes
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$100 Oil Price May Be Months Away, Say CIBC, Goldman (Update1)
| Quote From Source: | July 23 (Bloomberg) -- The $100-a-barrel oil that Goldman Sachs Group Inc. said would prevail by 2009 may be only a few months away.
Jeffrey Currie, a London-based commodity analyst at the world's biggest securities firm, says $95 crude is likely this year unless OPEC unexpectedly increases production, and declining inventories are raising the chances for $100 oil. Jeff Rubin at CIBC World Markets predicts $100 a barrel as soon as next year.
''We're only a headline of significance away from $100 oil,'' said John Kilduff, an analyst in the New York office of futures broker Man Financial Inc. ''The unrelenting pressure of increased demand has left the market a coiled spring.'' New disruptions of Nigerian or Iraqi supplies, or any military strike against Iran, might trigger the rise, Kilduff said in a July 20 interview.
Higher prices will increase revenue for energy producers from Exxon Mobil Corp. to PetroChina Co., while eroding profit at airlines including EasyJet Plc and railroads such as Union Pacific Corp. The U.S. and other oil-importing nations risk accelerating inflation, while higher energy costs threaten to restrain growth.
| | Click source url to view entire story. |
Source Bloomberg
Source URL:
http://www.bloomberg.com/app...er=home&sid=ajxtV4oWcHk0
I just thought of something driving to work this morning. You know how the fuel prices go up during the summer because that is the peak driving season?
Well how is it that when the education labor force and students stop going to school, there are more people driving?
I'm not sure what percentage there is for the education force but you have to add in all those buses, parents driving their kids to school, and teenagers driving back and forth to school. Then throw in the entire college system. The difference in my drive time goes from 20minutes in the summer to almost an hour during school time. There are a lot more cars on the road.
It would seem to me to be a huge scheme to inflate the prices. Maybe I'm wrong but I cannot imagine there are more ppl driving during those three months than there are the other 9 months of the year during school.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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MattN
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People vacation in the summer. My wife is a teacher. She and her parents and siblings travel each summer in an RV. This summer they are out west in Wyoming. They burned alot of diesel to get there.
They ALWAYS predict this and that, and it rarely ever comes true. The market is way too volatile to predict. |
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posted on 7/24/2007 at 06:54
