Skip to: Content
Skip to: Site Navigation
Skip to: Search

December 3, 2008 2:30:38 AM CST

Learn about Newser Points »

« Back to the grid | Next story »

'Super-Spike' Could Drive Oil to $200

Posted May 7, 08 8:35 AM CDT in Business 

(Newser) – A “super-spike” could push oil beyond $150 a barrel by October, the highest it been in more than 135 years, experts say. That would drive the price at the pump past $4.50 a gallon and trim US economic output 3.3% in the 2 years following, reports the Wall Street Journal. Crude sold for a record $121.84 yesterday, up 96% from a year ago.

"A lack of adequate supply growth is becoming apparent," Goldman Sachs told clients yesterday in predicting $200. Analysts say where prices top out is anyone’s guess: Factors ranging from production slumps in Russia to violence in Nigeria continue to drive them up despite a million-barrel-a-day drop in US demand. Rising demand in China, Russia, and the Middle East has more than offset that decline.

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Gas Prices Plummet Below $2

    Nov 21, 08 5:41 AM CST
    Gas Prices Plummet Below $2 As crude oil sank below $50 for the first time in years, gas prices in America continued their precipitous fall, with the average cost of a gallon below $2 today for the first time since 2005. The turnabout is the sharpest since the government began tracking prices in 1980. Suddenly, writes the Wall Street Journal, debate in Washington has shifted from whether the government should give drivers a tax break to whether Congress should hike taxes.
    More »

  • $100 Oil Will Return Soon Enough: Study

    Nov 6, 08 10:53 AM CST
    $100 Oil Will Return Soon Enough: Study If today’s price of $60 per barrel of oil seems too good to be true, that’s because it is. Oil prices will rebound to $100 a barrel once the economy recovers, and climb toward $200 by 2030, the market’s most comprehensive review predicts. Output is declining at a steep natural rate of 9% while demand grows nearly unabated, the Financial Times explains. More »

  • Oil Breaks Record, Climbs Above $141

    Jun 27, 08 7:27 AM CDT
    Oil Breaks Record, Climbs Above $141 Oil prices climbed above $141 a barrel in Asian trading today—another record—as the dollar's protracted slump prompted investors to flock to oil as a hedge against inflation. Prices also were lifted yesterday after OPEC's president said crude prices could go higher than $150 a barrel this year and Libya said it may cut oil production. More »

  • Oil-Addicted Bush Must Kick the Habit

    Jun 22, 08 6:32 AM CDT
    Oil-Addicted Bush Must Kick the Habit The American thirst for oil is like a drug addiction, and George Bush wants another hit, writes Thomas Friedman in the New York Times. Bush’s irresponsible energy plan involves getting a little more oil from Saudi Arabia to keep prices low, and then drilling in Alaska—simply prolonging our addiction instead of allowing high fuel prices to push us toward better sources of energy, adds Friedman. More »

  • Let's Not Kid Ourselves: Oil's Going Higher

    Jun 18, 08 12:09 PM CDT
    Let's Not Kid Ourselves: Oil's Going Higher Yes, $4 a gallon seems steep, but the worst is surely yet to come, Robert J. Samuelson writes in the Washington Post. Gas is on pace to rise to $7 a gallon by 2012, with oil rising to $225 a barrel, according to one economist. Oil-rich nations are acting as though we’ve already hit “peak oil,” and fast-growing nations in Asia and elsewhere are keeping demand steady. More »

An oil worker walks on a new well Tuesday, May 6, 2008, which is being drilled in the Sakhir, Bahrain, oil fields in the Persian Gulf..   (AP Photo)
Gas station attendant Danny Carrico pumps gas in Salem, Ore., Tuesday, May 6, 2008. Oil futures blasted to a new record near $123 a barrel Tuesday.   (AP Photo/Don Ryan)
Gas prices are advertised at a gas station in San Jose, Calif., Tuesday, May 6, 2008. Oil futures blasted to a new record near $123 a barrel Tuesday.   (AP Photo/Marcio Jose Sanchez)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 5)

Tags

gas prices • oil price • oil • crude oil • electricity • oil supply


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »