Monday, December 05, 2005
The Blogging Trenches
Earlier this year SC&A and I were debating (privately) the oil "shortage", and I claimed that oil was heading to the 50's this year and should drop to $45 a barrel next year. I haven't changed my mind, and now the NY Times publicizes oil execs worrying about the same thing:
In a recent speech in Singapore, John Browne, the chief executive of BP, spoke of a possible sharp drop in prices and called current levels "unsustainably high."It is and prices are going down after a wave of speculation and market response to increase production. Greenspan knew it, and now you do too.
John Hofmeister, head of Shell Oil in the United States, said during an interview, "This high price cycle is artificially inflated."
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