22 Sep 2008

Oil up to $120 today

http://news.bbc.co.uk/1/hi/business/7630513.stm

I am surprised by how volatile the oil price is and you can't just say peak oil 'there you go'

I am assuming that producing companies will invest in oil pushing up supply (yes I know at some point this may not work...but there is a lot of very dirty in the world still ready to come out and compleatly fuck up the atmosphere).....and economic recession will depress demand for the black stuff.

however the US bailout (I don't think this will work to stop financial markets sliding) is being seen as leading to higher demand in the global economy and therefore more demand for the black stuff.

OPEC is cutting back supply (Ben you were right about this!) and the hurricanes do seem to have hit production in Texas and in gulf of Mexico.

What away to run a planet...lets go oil free....what will oil prices do tomorrow?

1 comment:

RSJ Freight Forwarding said...

It is unbelievable how oil prices keep rising. It is no good for many small to medium sized companies like us.
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