airstrip1 wrote: Could their be a recession on the way ?
Oil traders have been keeping a close watch on the weekly inventory numbers because the usual fallback — big production increases by major OPEC producers — no longer seems likely. Global production is now running just one percent above the world's daily consumption of 82.4 million barrels, a razor thin cushion that leaves little room for either a production outage or a further increase in demand.
Oil industry experts are divided on whether new oil supplies can be found quickly enough to keep up with growing demand. One leading proponent of the theory that oil production is peaking, Princeton University geologist Kenneth Deffeyes, predicts that global output will reach its limit by late next year and then gradually begin declining.
MonteQuest wrote:Sounds an awful lot like peak-oil to me. On MSNBC, no less.
The Article wrote:While crude futures are about 40 percent higher than a year ago, they would have to reach $90 per barrel to meet the inflation-adjusted peak set in 1980.
Why does every damn article on oil prices have to mention that factoid? I get really sick of hearing it.
nero wrote:Why does every damn article on oil prices have to mention that factoid? I get really sick of hearing it.
I agree, and the actual number jumps around a lot too, it depends on what inflation rate you use (core, non-core, cost of living adjustment), and what you are comparing( highest average yearly price, highest daily price, highest intra day price).
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