Re: Analyst predicts $200 oil could happen this year
- From: El Castor <No_One@xxxxxxxx>
- Date: Tue, 06 May 2008 09:55:13 -0700
On Tue, 06 May 2008 07:47:31 -0700, Rita <Rita@xxxxxxxxxxx> wrote:
On Tue, 06 May 2008 10:27:30 -0400, Jim Higgins
<gordian238@xxxxxxxxxxx> wrote:
That kind of price would probably see a near collapse of the auto
industry here
What choices do most people have other than to drive? Public
transportation is laughable in most parts of the U.S.
I would imagine those with gas guzzling cars would be dumping
them in significant numbers. So perhaps production of gas
saving models would accelerate? Even for those who can afford
SUVs and other gas guzzling models enough would be enough?
It is interesting to me that we hear no talk of public
transportation as a measure to greatly decrease the U.S.
gas consumption. No proposals to build viable public
transport networks.
In San Francisco, bus transportation has always been an expensive
proposition for both the riders and the tax payers, and in the suburbs
it's just not practical, at least not on a frequent basis.
As I have often said, the wife and I traded in the 20 mpg gas guzzlers
for a Prius a couple of years ago. If you compare our current
consumption with what we would be paying had we not done that, we are
paying the equivalent of about $1.85 a gallon.
What we should be doing, aside from buying hybrids, is embarking on a
national program of nuclear plant construction. We should be drilling
in ANWR and on the continental shelf, but you won't read about any of
that on Obama's web site. He wants to pour tax money into research on
windmills and solar panels. That's ok, but it's not the solution. I am
reminded of $3 billion the Department of Energy gave to the Big Three
to finance the development of hybrids. They each produced something,
got their money, and sent their prototypes off to a museum. Meanwhile,
Toyota designed, built, and marketed the Prius using it's own money.
In this part of Northern California they are one of the most plentiful
cars on the road, but if you go most places in the country you will
hardly ever see one.
.Analyst predicts $200 oil could happen this year
http://biz.yahoo.com/ap/080506/oil_200.html?.v=1
Goldman analyst predicts $150 to $200 oil could soon be reality, but
peak price still unclear
NEW YORK (AP) -- A Goldman Sachs analyst on Tuesday predicted that oil
prices could reach $150 to $200 a barrel over the next 6 months to two
years, but said that how far prices could climb still "remains a major
uncertainty."
"We believe the current energy crisis may be coming to a head, as the
lack of adequate supply growth is becoming apparent," analyst Arjun N.
Murti wrote in a client note.
Oil for June delivery hit a record $120.93 a barrel Tuesday in
electronic trading on the New York Mercantile Exchange.
He forecasts that prices will still continue to gradually increase, but
for a longer period that previously predicted.
He raised his 2008 prediction for benchmark West Texas Intermediate
crude oil spot prices to $108 per barrel from $96, and his 2009 estimate
to $110 from $105. He lifted his prediction for 2010 and 2011 to $120
from $110.
But he also said it was possible that oil could hit $125 this year and
$200 in 2009 before coming down to $150 in 2010.
Murti said he remains bullish on most facets of the U.S. energy market,
especially integrated oil companies, explorers and producers, and
pipeline operators.
He lowered his view on oil refiners to "Neutral" from "Buy," but said
investors should still consider Valero Energy Corp. and Frontier Oil
Corp. at their current values. He maintained a "Neutral" rating on oil
drillers, but said investors should consider the stocks if they pull back.
He also named oil company ConocoPhillips, oilfield services provider
Halliburton Co. and pipeline operator El Paso Corp. among his top picks.
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