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The good news is oil prices will collapse after reaching those numbers. The bad news is it will bring the entire economy down with it. Maybe this time Washington will look into regulating oil speculation in the face of 20% unemployment, an angry American population, and the 2012 elections. Under Clinton, when oil traders were required to take delivery of the product, oil never topped $40/barrel.
The good news is oil prices will collapse after reaching those numbers. The bad news is it will bring the entire economy down with it. Maybe this time Washington will look into regulating oil speculation in the face of 20% unemployment, an angry American population, and the 2012 elections. Under Clinton, when oil traders were required to take delivery of the product, oil never topped $40/barrel.
"Brent could break through $140 in the next three months, she says. And, “Under our upside risk scenario, Brent prices could average between $125 dollars a barrel and $160 this year.”
Nothing like a worst case scenario
This year is now July 4th
$160 is now "very probable" And this despite the fact that the article quoted a range with $125 as the low end.
Of course, B of A is at pains to point out that this is an "upside risk scenario".
In their downside risk scenario, the investment bank’s analysts said that “Libyan supplies come back in a month and there is no further turmoil in the region. Brent prices should average $100/bbl in 2011 under this setting."
"Goldman Sachs sees things differently. In a research note Tuesday, it said oil will soon see a “substantial pullback,” The Wall Street Journal reports.
You seem to love jumping on bad news and most of the time you get it wrong. Like the little boy who cried wolf, soon nobody will be listening to you any more. This isn't the Politics forum. On here you get posters who like a bit of meat with their polemic.
The good news is oil prices will collapse after reaching those numbers. The bad news is it will bring the entire economy down with it. Maybe this time Washington will look into regulating oil speculation in the face of 20% unemployment, an angry American population, and the 2012 elections. Under Clinton, when oil traders were required to take delivery of the product, oil never topped $40/barrel.
I've already read that article. BOA is saying it will go up and reach $160. But you're saying that its very probable that it will hit $160 by July 4th. What are YOUR calculations for that statement? Don't tell me you're just speculatinng based on BOA without doing any of your own analysis...
He sees the price of oil within a few dollars of a top. "I don’t think we’ll hit $125. I think by July 4 we’ll be under $100," he said.
He said world demand for oil is slowing. There are signs "this market is peaking out. I think we will see the peak, if we haven’t seen it already, in the next three to four weeks."
Oh well, time to move on to the next hot disaster! How about food riots? Can we dust off that old chestnut from a year or so ago?
I was listening to talk radio and the host was talking about how we could see global famine by the end of the year due to rising food prices. I found this article that explains it in a little more detail.
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