CEO Of World’s Largest Energy Company Predicts Oil Will Hit $250
I thought Bush told us he was an oilman and this would never happen?
TI-The chief executive of the world’s largest energy company has issued the most dire warning yet about the soaring the price of oil, predicting that it will hit $250 per barrel “in the foreseeable future”.
The forecast from Alexey Miller, the head of the Kremlin-owned gas giant Gazprom, would herald the arrival of £2-per-litre petrol and send shockwaves through the economy. His comments were the most stark to be expressed by an industry executive and come just days after the oil price registered its largest-ever single-day spike, hitting $139.12 per barrel last week amid fears that the world’s faltering supply will be unable to keep up with demand.
And AlGore predicts the end of the world…is either credible — “at a speech the other day in the UK, Gore made his most dire prediction to date: he called global warming a “danger which could bring the end of civilization.”
Why is it so hard to understand that the oil prices today are being driven by speculators?Over and over again speculators go into a market and drive prices up, make what they can and walk away leaving it in a mess.Housing market speculators could not buy mortgages fast enough and then one day they stopped buying and dumped what they had and left a mess.In every market speculators go into the collapse leaves a trail and nobody can see it?And who catches the blame? Whoever is the president happens to be at the time.
It’s a pump and dump playing with trillions instead of millions.
The bottom will fall out soon and we will be back down to somewhere around $60 a barrel and $2 fuel at the pump.
Bart
The dollar is in the toilet! Your math does not work!
Mike W,
If the US dollar wasn’t in the toilet, you might have a point about speculators.
It is.
Therefore, you don’t.
.
Mr Konop gets it.
Oh, OK, so we just give up the dollar as our currency because there has never been fluctuation in its value…
Do you give up at everything John?
Bart
Do you understand why the dollar has fluctuation?
I will give you a hint the word starts with the letter D and has four letters.
“Why is it so hard to understand that the oil prices today are being driven by speculators?”
It’s hard to understand because the price curve for oil has been steadily upward sloping over the past 2 or 3 years.
Alaska’s loving it, but oil’s price is not due to speculation.
Another reason CM stays anonymous, his less than savvy economic analysis…
John,
Oh great one, then tell us how high oil will go since you have already written off the dollar as America’s currency.
Does this mean you now support Ameros to replace the dollar?