But we still like hydrogen... Robin
--- Keith Addison <[EMAIL PROTECTED]> wrote: > ><http://moneynews.newsmax.com/money/archives/st/2008/4/25/175710.cfm?s=sp&promo_code=6235-1> > > Thanks Kirk. Let's put it in the archives. We were > way ahead with > this - there is no oil shortage, there's no food > shortage either. > > I thought you meant this Lehman's: > http://www.lehmans.com/ > > :-) > > Best > > Keith > > > Lehman Bros. Report: Oil Bust in the Cards > > Friday, April 25, 2008 5:56 p.m. EDT > > Is $120 oil even real? Not if you ask the Saudis, or > even Lehman Bros. > > The investment bank's oil expert said this week that > the oil boom is > due to bust. Economic growth across the globe will > slow just as new > refineries kick in, raising supply. > > Recession or not, a U.S. slowdown will slacken > demand sharply, right > as new oil hits the market. "Supply is outpacing > demand growth," said > Michael Waldron, Lehman's oil strategist. > > "Inventories have been building since the beginning > of the year. We > have pretty significant projects starting soon in > Saudi Arabia, and > large off-shore fields in Nigeria," he said. > > Lehman is now predicting prices at $83 a barrel in > 2009 and as low as > $70 in 2010. > > Although some years off, Brazil too has found as > much as 8 billion > barrels of light oil and gas offshore. The South > American giant's > president says his country might well join OPEC when > the Tupi field > begins to pump, in 2011. > > In addition, Middle Eastern sovereign wealth funds > have pushed up the > oil price by investing billions of their oil gains, > ironically, in > commodities index funds. > > Now they could be looking to get out, warns Waldron. > He figures the > money effect has driven anywhere from $20 to $30 > into the barrel > price. > > In addition, a weak dollar is holding oil prices > high, according to a > series of statements from OPEC leaders over the past > week. > > If you buy the views of OPEC's various leaders, > that's at least > another $20 of oil price that is not supported by > the actual supply > and demand situation. > > In addition, Europe's central bank seems bent on > containing inflation > there. A rate increase in Europe is sure to contain > the euro's rise > against the dollar - if serious steps are taken > soon. > > Couple that with a lower-than-expected rate cut in > the U.S. next > week, or perhaps no cut, and the oil price drops as > the dollar gains > ground. > > All this is having little immediate impact now, of > course. U.S. gas > prices at the pump hit $3.58 a gallon just as the > summer driving > season kicks off. > > If nothing changes, analysts now expect gas to rise > to as high as $4 > a gallon in as little as a month. > > > _______________________________________________ > Biofuel mailing list > Biofuel@sustainablelists.org > http://sustainablelists.org/mailman/listinfo/sustainablelorgbiofuel > > Biofuel at Journey to Forever: > http://journeytoforever.org/biofuel.html > > Search the combined Biofuel and Biofuels-biz list > archives (70,000 messages): > http://www.mail-archive.com/biofuel@sustainablelists.org/ > _______________________________________________ Biofuel mailing list Biofuel@sustainablelists.org http://sustainablelists.org/mailman/listinfo/sustainablelorgbiofuel Biofuel at Journey to Forever: http://journeytoforever.org/biofuel.html Search the combined Biofuel and Biofuels-biz list archives (70,000 messages): http://www.mail-archive.com/biofuel@sustainablelists.org/
