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Andrew_S
Intermediate Crude
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Joined: Jan 09, 2005
Posts: 683
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 Posted: Sat Nov 10, 2007 6:34 pm Post subject: European Commission is forecasting average $78.80 oil '08 |
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Europe 'set for slower growth'
Economic growth across the EU will slow in 2008 because of a weaker US economy and problems in global financial markets, the European Commission says.
<snip snip snip>
In its twice-yearly economic forecast, Brussels said it now expected inflation in the eurozone to remain at about 2% this year, rising slightly to 2.1% next year.
It is forecasting the average oil price will rise from $70.60 a barrel this year to $78.80 in 2008. |
Dream on. Are these w@nkers worth their pay?
BBC News |
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mekrob
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| Posted: Sat Nov 10, 2007 7:56 pm Post subject: Re: European Commission is forecasting average $78.80 oil '0 |
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And by dollar, they mean Euro? Even then it's kinda low, depending upon the dollar next year.
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I want to put out the fires of Hell, and burn down the rewards of Paradise. They block the way to God. I do not want to worship from fear of punishment or for the promise of reward, but simply for the love of God. - Rabia |
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Bas
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Joined: Mar 26, 2005
Posts: 3787
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| Posted: Sat Nov 10, 2007 8:12 pm Post subject: Re: European Commission is forecasting average $78.80 oil '0 |
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| We might be lucky to even see $78 again; apparently the price has to go much higher before production and consumption are in balance again... |
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Andrew_S
Intermediate Crude
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Joined: Jan 09, 2005
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| Posted: Sat Nov 10, 2007 8:29 pm Post subject: Re: European Commission is forecasting average $78.80 oil '0 |
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| mekrob wrote: | | And by dollar, they mean Euro? Even then it's kinda low, depending upon the dollar next year. |
Firstly $ means U.S. dollar (€ means euro).
So they are saying an average price next year of 78.80 dollars U.S.
(What that will be in euros remains to be seen though the U.S. dollar probably will be weaker against the euro a bit next year - my guess.)
The price of crude oil is going up in euros also and has been in spite of the declining value of the U.S. dollar, just somewhat less dramatically than in $US terms. |
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Andrew_S
Intermediate Crude
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| Posted: Sat Nov 10, 2007 8:33 pm Post subject: Re: European Commission is forecasting average $78.80 oil '0 |
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| Bas wrote: | | We might be lucky to even see $78 again; apparently the price has to go much higher before production and consumption are in balance again... |
I also am pretty doubtful whether it could even spike down to $78, but they are talking about the average for next year.
Like I said, dream on European Commission guys. |
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Niagara
Heavy Crude
Joined: Aug 17, 2006
Posts: 468
Location: Mt. Hubbert Scenic Lookout
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| Posted: Sat Nov 10, 2007 8:43 pm Post subject: Re: European Commission is forecasting average $78.80 oil '0 |
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If there's a severe recession in 2008 then a drop to $78 is not only possible but very likely. Maybe even lower IMO.
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Remember: 73.3% of statistics are made up
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Andrew_S
Intermediate Crude
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Joined: Jan 09, 2005
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| Posted: Sat Nov 10, 2007 9:01 pm Post subject: Re: European Commission is forecasting average $78.80 oil '0 |
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| Niagara wrote: | | If there's a severe recession in 2008 then a drop to $78 is not only possible but very likely. Maybe even lower IMO. |
Good point. But Ben has the moniker helicopter for some reason.
At some point quoting the value of a barrel of crude in fiat currency might become a bit pointless. Maybe the value of crude oil should sensibly be in units of barrels of crude oil (pleonasm noted). |
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mekrob
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| Posted: Sat Nov 10, 2007 9:20 pm Post subject: Re: European Commission is forecasting average $78.80 oil '0 |
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| Quote: | | Firstly $ means U.S. dollar (€ means euro). |
I know that. I meant that in reality they should mean euro; not that they meant it. If these guys have any brains at all, then should have said 78 euros, not dollars.
And before you correct me, I know that they do have brains or else they'd have a hard time being alive and making reports. It's simply a phrase to say that they are idiots, k? Just like "by such and such, they mean such and such" doesn't mean exactly what it says.
_________________
I want to put out the fires of Hell, and burn down the rewards of Paradise. They block the way to God. I do not want to worship from fear of punishment or for the promise of reward, but simply for the love of God. - Rabia |
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Andrew_S
Intermediate Crude
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Joined: Jan 09, 2005
Posts: 683
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| Posted: Sat Nov 10, 2007 9:33 pm Post subject: Re: European Commission is forecasting average $78.80 oil '0 |
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| mekrob wrote: | | Quote: | | Firstly $ means U.S. dollar (€ means euro). |
I know that. I meant that in reality they should mean euro; not that they meant it. If these guys have any brains at all, then should have said 78 euros, not dollars.
And before you correct me, I know that they do have brains or else they'd have a hard time being alive and making reports. It's simply a phrase to say that they are idiots, k? Just like "by such and such, they mean such and such" doesn't mean exactly what it says. |
Probably lying to hang onto their jobs.
I don't believe it'll average even as low as €78 for next year, but time will tell. |
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Mesuge
Intermediate Crude
Joined: Nov 01, 2005
Posts: 834
Location: Euro high horse bastard on the run
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| Posted: Sun Nov 11, 2007 3:54 pm Post subject: Re: European Commission is forecasting average $78.80 oil '0 |
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Just a year ago the EU Commissioner for Energy said something to the effect that "..peakoil is just another theory.."
You don't get these >six figure salaries for spreding truth or doom visions and that's how it should be, average joe and jane have to be clueless in order for the system to function..
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DOOMerotron: at all-time high [8.1] out of 10.. |
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