we were concerned about oil reaching $100 a barrel? Take this KAL cartoon from The Economist, for example:
Those were the good old days, right? Now we are over $140 a barrel with further increases projected. The OPEC president says oil will reach $150 a barrel while Gazprom's CEO says oil could reach $250 a barrel. The latter forecast seems ridiculously high, but then again $140 a a barrel would have been hard to imagine back in 2004 when observers were getting worked up over oil reaching the staggering price of $40 a barrel. With projected prices so high, the incentives are in place to make sure the days of oil are numbered--good riddance I say!
Update: Brian Arner discusses $7/gallon gasoline by 2010.
Those were the good old days, right? Now we are over $140 a barrel with further increases projected. The OPEC president says oil will reach $150 a barrel while Gazprom's CEO says oil could reach $250 a barrel. The latter forecast seems ridiculously high, but then again $140 a a barrel would have been hard to imagine back in 2004 when observers were getting worked up over oil reaching the staggering price of $40 a barrel. With projected prices so high, the incentives are in place to make sure the days of oil are numbered--good riddance I say!Update: Brian Arner discusses $7/gallon gasoline by 2010.
With projected prices so high, the incentives are in place to make sure the days of oil are numbered--good riddance I say!
ReplyDeleteOf course there will be a lot of pain in the meanwhile.
Interesting piece here.