In Petroleum We Trust!
Posted by msrb on May 9, 2008
The New Oil-Rule Economy will replace the “old” economy in the very near future. A single company/organization will have a monopoly on about 80 percent of “economically recoverable” global oil reserves. It will dictate “production,” pricing, and delivery (and will even decide on the end user – who may or may not buy the oil). How much is too much for a barrel of oil, $40, $240, or $4,000? Soon, the current monetary system will be of no value. —Harry Saloor, The Management School of Restorative Business, May 2004.
Crude oil reaches another record high at $124.61 a barrel
The price of a barrel of crude oil reached another record high in London and New York last night with US light crude at $123.69 in New York trading ( in after-hours trade it hit $124.61 a barrel). In London, Brent crude settled at $122.84 a barrel, an all time record.
In Petroleum We Trust (Gas coupon printed in 1973 oil crisis)
It is believed that tight supply concerns, higher world energy demand forecasts and the weak dollar are the main factors that are pushing up oil prices. According to a recent report by Goldman Sachs, the price of crude oil could reach $200 a barrel in as little as six months due to tightening supplies.
Meanwhile, Exxon Mobil shares rose by 1.3% and Chevron’s climbed 2.2% on the New York Stock Exchange.
- Crude oil climbs to fresh record
- Oil Trades Above $124 After Reaching Record on Supply Concerns
- Unstoppable oil, gold, lifts resource shares
- On The Way To Armageddon: Could We Make A Detour?