Oil could hit $220 on MidEast, N Africa

Quote from achilles28:

Yes, oil will hit 200$. Possibly, 220$.
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There is no way oil will surpass 150-200 a barrel

Even it does it will be short lived

Because people adjust accordingly

The only way it can happen is when USD devalues but other than that it is impossible
 
There is no possible way oil can sustain $100+ let alone $150 or $200+, its just not possible, $4.00 at the pump will cut back consumer spending and if oil gets to $150+ or $200+ and consumers have to start paying $5.00-$7.00 at the pump you will see a worldwide deep recession, deeper than the one were in now. Absolutely no way can higher oil prices along with an already weak economy exist.
 
Quote from Grandluxe:

LONDON Feb 23 (Reuters) - Oil prices could peak at more than $220 a barrel if Libya and Algeria both halted production as a result of spreading violence in the Middle East and North Africa, Nomura said on Wednesday.

Analysts compared the current situation to the 1990-91 Gulf War when prices jumped 130 percent over seven months as OPEC spare capacity was reduced to 1.8 million barrels per day.

"If Libya and Algeria were to halt oil production together, prices could peak above $220 per barrel and OPEC spare capacity will be reduced to 2.1 million barrels per day, similar to levels seen during the Gulf war and when prices hit $147 a barrel in 2008," the Japanese bank said in a note.

Do you agree?
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on the flip side...what would go south down...the Dow? 10 yr? Grains?
 
absolutley not, at the most oil has another 10% higher to go and then a range play between $80 and $100 per barrel.
 
Quote from Larson:

Looks similar to the Iranian cutoff of 1979, which was worse, although short-lived. The current situation is very fragile.
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Actually, Iran still exports 60% less than they did before the revolution.

In the early '80s, Saudi Arabia had much excess capacity and was able to flood the market to compensate for Iran. The resulting low oil prices had the added benefit of hurting both Iran and the Soviet Union.
 
All these analysts become fanatically bullish at the top and downright pessimistic at the bottom. Anyone can have an opinion but I say more than 90% of these analysts are morons.
 
there will be no recession just because oil hits $150 or $200. people will spend less but oil companies will make more, so it's offsetting. oil companies are included in GDP right?

in 2008 when oil hit $150, the oil companies and the state of alaska were making money hand over fist. alaska had a massive budget surplus that year -- in the middle of a recession!!

there are plenty of benefactors to high oil prices.
 
Quote from blackjack007:

there are plenty of benefactors to high oil prices.
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What about all the expensive products/goods because of sudden oil price rise? Transportation is the backbone of world economy and fuel is the basics/ultimate for transportation. No fuel. No movement for goods/transportation.

Everybody ends up paying more money for daily products due to oil price rise.
 
Quote from LEAPup:

Agreed! Odumba makes Jimmy Carter look like a winner. That's bad considering I remember as a kid what we went through sitting in gas lines in the late 70's. We lived in New Orleans then, and my Dad had to lean up against the car to keep people from jumping the hour long line in front of us. Oh yes, we had a station wagon with vinyl seats, and we couldn't use the a/c as the we certainly couldn't afford to idle. HOT!

Odumba makes hiding the head in the sand, and being weak a sport! Insane! However, this seems to be more important to him today: http://www.cnn.com/2011/POLITICS/02/23/obama.gay.marriage/?hpt=T2
And that's a link from CNN, the network that was in love with Odumba.:eek:
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I agreed with you 100%, unfortunately, we've 2 more yrs of Odumbass and if thing settles quickly, good he'll take credit for it, if thing when bad people will have forgotten by the election time.
 
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