Friday, Oct 19, 2007
The highest oil prcie in history was $104 per barrel in 1864 (infl adjusted)
Telegraph: Oil hits $90 for first time as dollar fuels rally
Considering that during the Asian crisis, oil was at $12-$14 per barrel, this is going to be an "interesting" next 12-18 months.
Of course, we will see real inflation drop by 50%, since people don't really need oil for anything anyway.
Posted by lvmreader @ 09:24 AM (306 views) Add Comment
1 Comment
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1. Lierbag said...
How about $150?
'Dominic Lau, Reuters
The price of oil, which hit a new record high above $88 a barrel on Tuesday, can rally further and may reach $150 before 2010, the fund manager for Investec's Global Energy Fund said.
"The reason why it has potential is the underlying supply and demand fundamentals are causing a serious crunch in oil markets," said Tim Guinness, chairman of Guinness Asset Management, who runs the Investec Global Energy Fund.
Guinness, who was chairman of Investec Asset Management for four years before he retired in 2002, said strong demand from developing countries was emulating that of the developed world from 1950 to 1970.'