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Five Reasons Why the $700 Billion Banking Bailout Will Translate into $250 Oil
I’ve been predicting record oil prices for a number of years now, so when crude oil prices recently plunged from their record highs, I warned investors and consumers that the decline was nothing more than a temporary respite.
But now it’s clear that the fallout from the $700 billion banking bailout pact will virtually guarantee that my prediction will come true.
As the curtain closed on the third quarter yesterday (Tuesday) – leaving many investors worried that the long-feared "Super Crash" was imminent – crude-oil futures were staring at their first decline in seven quarters and their biggest quarterly decline in 17 years,…
1Oct2008 | Money Morning | Comments Off | ContinuedMoney Morning Boosts Oil Target Price to $225 a Barrel, Thanks to Continued Scarcity, Burgeoning Demand in China
Money Morning Investment Director Keith Fitz-Gerald – one of the first global financial gurus to predict triple-digit oil prices – has boosted his target price for crude oil from $187 to $225.
The case for the target-price increase of 20% was very clear.
“The math is really simple here,” Fitz-Gerald said in an e-mail interview from China, where he was heading an investment-research tour. “We are burning through supplies at a rate that’s four times to five times faster than we’re discovering new reserves. Throw in a few [surprises] … perhaps a terrorist event …and add in the accelerating use of oil…
8May2008 | Money Morning | Comments Off | Continued
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