December 9, 2005
DANG THOSE ARCHIVES TO HELL! (via Robert Schwartz):
Oil 'will hit $100 by winter' (Heather Stewart, July 3, 2005, The Observer)
Oil prices could rocket to $100 within six months, plunging the world into an unprecedented fuel crisis, controversial Texan oil analyst Matt Simmons has warned.After crude surged through $60 a barrel last week, nervous investors were pinning their hopes on a build-up in US oil-stocks to depress prices in the coming months.
But Simmons believes surging demand will keep prices bubbling well above $50. 'We could be at $100 by this winter. We have the biggest risk we have ever had of demand exceeding supply. We are now just about to face up to the biggest crisis we have ever had,' he said.
Posted by Orrin Judd at December 9, 2005 12:00 AM
They just forgot to say they were talking in Canadian dollars, OJ.
Posted by: John at December 9, 2005 9:10 AMGood catch.
Simmons is very good at getting his name in print, both in popular and trade publications.
It's not at all clear why.
When I first joined the oil and gas data/consulting firm I've been with for *gulp* nearly ten years now, there was a different Hubbert Peak cultist loosely affiliated with the place (thankfully, the affiliation ended). He was predicting this sort of thing back then. Every momentary spike in prices got him press. Interestingly, nobody paid much attention to him when oil dropped to $10 a barrel and the industry engaged in layoffs. So it goes.
Posted by: kevin whited at December 9, 2005 9:41 AMGuys like this are the equivalent of Islam's screaming imams, or of those authors who write about the coming Wall Street crash(es).
Posted by: ratbert at December 9, 2005 10:52 AMIn the bet between on this exact topic between oroborous and duck at the Daily Duck, oroborous is looking better all the time. A year is a long time though...
Posted by: Bret at December 9, 2005 5:50 PM