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Look for the price of crude oil to continue to climb — reaching upwards of $200 per barrel — and for prices at the pump to reach $5.75 per gallon in the next two years, warns Goldman Sachs’ gas guru Arjun Murti .
In an interview with Barron’s, the energy analyst said that with the growth of crude oil supply “constrained,” prices inevitably will rise further.
MoneyNews - Goldman Sachs: $5.75 Per Gallon Gas Soon (http://moneynews.newsmax.com/streettalk/oil_prices/2008/06/30/108535.html - broken link)
I seriously doubt that. Supply and demand and all. With demand destruction already happening in China, sense the government removed fuel subsidies, and in the US, as American's are drving less and using less gas for the first time sense the 70s, demand is going down and hence, the price has to stabilize.
None of these people talking about $200 a barrel ever keep in mind demand destruction in China, were their wages are already allot lower than the US and the price of fuel rose 20% overnight.
I seriously doubt that. Supply and demand and all. With demand destruction already happening in China, sense the government removed fuel subsidies, and in the US, as American's are drving less and using less gas for the first time sense the 70s, demand is going down and hence, the price has to stabilize.
None of these people talking about $200 a barrel ever keep in mind demand destruction in China, were their wages are already allot lower than the US and the price of fuel rose 20% overnight.
While this is true, opec is adjusting output to keep the demand high. I 100% honestly believe there is something going on behind the scenes with this oil rise. From $20 a few years ago to $200? There is no way this rise is legitimate. It goes way beyong the scope of supply and demand, or even speculation. There is a conspiracy at hand. Does it have to do with global warming, greed, forcing alternative energies, contribution to the apocalypse? I have no idea, but the rise is not justified. Demand is going to decrease by at least 20-30% worldwide over the next 12 months. Then what? Opec will simply decrease production, to keep the demand high, speculation high and the prices up and up. Were basically screwed and being forced into something the world economic environment is not ready for.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
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Quote:
Originally Posted by John1960
Look for the price of crude oil to continue to climb — reaching upwards of $200 per barrel — and for prices at the pump to reach $5.75 per gallon in the next two years, warns Goldman Sachs’ gas guru Arjun Murti .
In an interview with Barron’s, the energy analyst said that with the growth of crude oil supply “constrained,” prices inevitably will rise further.
MoneyNews - Goldman Sachs: $5.75 Per Gallon Gas Soon (http://moneynews.newsmax.com/streettalk/oil_prices/2008/06/30/108535.html - broken link)
Possible but not probable. Demand for gasoline is softening now. Prices should be headed down pretty soon.
They (the big Brokerage Firms) create an expectation and make it seem legitimate and it becomes a self fulfilling reality. Of course those that say the cost of oil and gasoline would be down will not get media attention so the it is to their advantage to state the worst case scenario if the person wants to get his or her name in the news.
I agree, production has not peaked yet so prices will stabilize and even drop in the future. Of course, that depends on what happens to the money supply from now till then. If the dollar keeps dropping, prices keep rising.
He could still be right about $200 oil by the end of 2010.
MoneyNews - Goldman Sachs: $5.75 Per Gallon Gas Soon (http://moneynews.newsmax.com/streettalk/oil_prices/2008/06/30/108535.html - broken link)
If the price of crude oil falls to $110 by this fall, it would have dropped out of its recent parabolic rise and back into its longterm uptrend. Within two more years, it could rise to nearly $200.
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