$100 / bbl Crude? 2

[Ashereng]

So, crude hit $88 a barrel the other day.

Is $100 a barrel crude likely now? By next year?

"Do not worry about your problems with mathematics, I assure you mine are far greater."
Albert Einstein
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[DrillerNic]

I don't think supply will be stangnant too long- it simply takes a douple of years to bring new production on line by drilling new wells... never underestimate the oil industry's ability to f**k it up (again). Until now, we have always had production shut in to deal with increased demand- we have finally worked out the over production that was driven by the high oil prices at the start of the 80's (and North Sea oil coming on stream in large amounts which caused OPEC to overproduce chasing market share) which in turn resulted in the slump in the oil patch that zdas mentioned during the late 80's and much of the 90's.

And jmw- the oil price has ALWAYS bee controlled by a cartel: whether that cartel is OPEC or Standard Oil or the Achnacarry 'As is' agreement between the seven sisters....!

 

[sms]

0707,

Of all the places I have lived Fos Su Mer was one of my favorites (although I guess I just worked there I really lived in Arles).

"Why don't you knock it off with them negative waves? Why don't you dig how beautiful it is out here? Why don't you say something righteous and hopeful for a change?" Oddball, "Kelly's Heros" 1970

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[Ashereng]

Hmmm. Oil hit $95.



"Do not worry about your problems with mathematics, I assure you mine are far greater."
Albert Einstein
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[Gymmeh]

Hmmm. My wallet hit $00.00

 

[dcasto]

However, Goldman Sachs analysts expect crude prices to retreat to $80/bbl by April.

 

[davefitz]

time to change this thread to " $150/bbl crude? "

 

[GregLocock]

Really it should be called "The diving American dollar", since that is the main cause of the high price.

And we all know why that is

Cheers

Greg Locock

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[epoisses]

true

http://www.economist.com/displayStory.cfm?story_id=10012276&fsrc=RSS

and speculation