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$200 club
Oil is heading to $200 per barrel. This is a good thing. Finally there is an economic imperative to invest in non-polluting alternative energy sources.
This room is a place for people who look forward to the $200 per barrel price to congregate and exchange views
I think it will be a while before this room becomes active again.
When do people think it will hit $200 a barrel given the current state of affairs?
Given the fact that oil is now *only* $108.31, where's the reduction on the forecourts and energy prices? - http://www.oil-price.net/
It's passed $143 for the first time ever this morning - http://biz.yahoo.com/ap...
its got some way to go... october for 175, february for 200?
- James
it made it to $146 and is now at $144.69, high 180's by end of year on current trend
- John Keyes
Map of U.S. petrol prices as a percentage of income - http://www.nytimes.com/interac...
The Great Oil Swindle - How much did the Fed really know? - http://www.informationclearing...
MarketWatch's Chris Pummer gives 8 reasons why oil should go to $8 a gallon in the US - http://www.marketwatch.com/news...
You don't think current oil prices are enough to spur change?
Rick is absolutely correct. The worst thing which could happen now is if the price of oil were to drop once again. People who had invested in renewables would lose a fortune and never again invest in clean tech. We need a guaranteed minimum price below which oil will not go to stimulate more investment in alternative energies.
- Tom Raftery
seriously guys, the idea is nice, but the ramifications will be huge. inflation, food prices, everything that requires delivery. if life isn't expensive enough, adding another 40% to the cost of oil would cause major problems. i get the forcing innovation thing, but oil industry will profit most
Chris, oil was $30 a barrel in 2004. It has risen 400% in the last 4 years and we have survived. The rise to $200 is coming. Maybe not by year end and slower is probably better but it is only with this current, more realistic pricing, that we are starting to have this discussion. It is all about economic imperatives.
- Tom Raftery
Yes extraction costs will increase, but the bean counters only see the bottom line. On the positive side local economies will be able to flourish with transport costs rising, the near market will benefit. Why import from China to the US when products can be produced locally.
I think that the $200 barrel scenario will be a double edged blade, it also means that more inaccessible oil reserves will be more economically viable. They will dig deeper and further out to sea. I know, I work in the business.
won't the cost of extraction rise dramatically too though?
- John Keyes
WSJ article this morning talks a bit about that (esp. oil sands here in Canada). I still think the corresponding drop in consumption would be worth it http://tinyurl.com/5w9khh
- April Dunford
I thinnk a sudden shock would do too much economic damage, but a more gradual rise would mean incremental change (until you got to some tipping point, where the change would accelerate by itself)
As more/better alternatives became available, oil prices would probably drop, so the suggestion of some floor under its price would be useful at that point
- Ric Hayman
Asian competitiveness damaged by high shipping costs - http://www.reportonbusiness.com/servlet...
High oil prices are a good thing - http://greenmonk.net/high-oi...
Case against - Vinnie reckons $200 would wreck the economy - http://dealarchitect.typepad.com/deal_ar...
Tom Friedman's op-ed piece in the NYT arguing for a high min price for oil - http://www.nytimes.com/2008...
maybe not an unalloyed good. there will be significant losers. but we need the system shock
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