September 19, 2009

Is Oil Headed to $100?

As of September 2009, according to some the answer is yes. PInnacle Digest for example says the world should prepare for oil prices to hit $100 a barrel in the near future:

"Today we're going to be looking at the crude oil (NYMEX_CL) market. This market has rapidly become the world currency of choice for many countries. What do I mean by that? With the dollar going down in value, it automatically pushes the value of crude oil higher."

According to Reuters: "World oil demand was expected to fall 1.56 million barrels per day (bpd) in 2009 before rising 500,000 bpd in 2010, the Organization of the Petroleum Exporting Countries, which supplies over a third of global oil, said in a monthly report...."

Venezuelan President Hugo Chavez was in the news previously for his reports of oil at $100 a barrel:

Is Oil Headed to $100?

World oil prices are headed for $100 per barrel, Venezuelan President Hugo Chavez predicted on Saturday, and said he will cut supplies to the United States if the U.S. government "attacks" the South American nation again...

Is Oil Headed to $100?

Posted at September 19, 2009 5:53 AM

After watching BlackGold in Discovery, I can see it coming.

Posted by: JimChis at September 20, 2009 4:30 PM

I think its time for the united states to stop buying overseas and start drilling here!

Posted by: BMackie at September 21, 2009 8:45 AM

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