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Energy Q&A Part I: Peak Oil and Oil Price Spikes
Q: “I saw you on Fox Business News. You said that you think the price of oil is too high and will come down. You have been a long-time ‘Peak Oil’ guy. So why do you think that oil prices will come down?â€
Yes, I’m a long-time Peak Oil guy. I met M. King Hubbert back in 1977 at Harvard, and heard his lecture on where the trends are taking us. So I’ve been doing “Peak Oil†since Peak Oil wasn’t cool.
Long term, I am convinced that we live in a Peak Oil world. But we also live in a world of…
19Jun2008 | Energy and Oil | Comments Off | ContinuedEnergy Recession or Energy Depression
Dearer to God are the prayers of the poor, go the words to a sturdy old Anglican hymn.
Well, at $138+ per barrel of oil, I think we are about to find out how dear those prayers really are. This, plus the impending agricultural disaster due to low planting levels and other bad weather, will spell impoverishment for large swaths of the American middle class.
In the US, the poor and working poor are already marginalized. Now, with the ongoing melt-up in oil prices the middle class is being financially suffocated.
Recently wholesale gasoline prices went up 33-cents. No typo. That’s 33 cents,…
17Jun2008 | Energy and Oil | Comments Off | ContinuedThat Pain You Feel at the Pump is From a Dollar Crisis, Not an Oil Crisis
It’s unfortunate that the U.S. Supreme Court, in its ruling last week that U.S. currency is unfair to the blind, did not make the next logical step and declare it unfair to everyone who buys gasoline.
In their search for explanations as to why oil has surged past $130 per barrel, Washington, Wall Street and the financial media are as clueless as cavemen after a freak summer snowstorm. Despite the head scratching, the blame game is nevertheless in full force.
Speculators and big oil companies are being trotted out as scapegoats, and increased margin requirements and taxes on windfall profits…
29May2008 | 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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