Energy efficiency proponents and conservationists have been pointing to
these occurences for three decades now. They even wrote the book(s) as to
what would happen and how to address/prevent it.
And what was the snotty remark Dick Cheney said after thirty years, back in
May of 2001?
"Conservation may be a sign of personal virtue, but it is not a sufficient
basis for a sound, comprehensive energy policy."
And now it's coming into vogue for arch-conservatives to start preaching
efficiency and alternative fuels as if it was their invent?
Let's see...... May of 2001 conservation is "a personal virtue." September,
2001, "everything's changed."
But it takes three and one-half years for the first squeaks to start coming
out of Washington about what needs to be done to address that change
relative to obese consumption of liquid fossil fuels?
If America were run like a corporation, these guys would be up on charges
from the SEC for malfeasance and dereliction of duty.
Meanwhile the rest of the world toils to compensate for their mistakes while
they prepare to cash their lifetime pension checks.
Lovely. Just lovely.
Todd Swearingen
----- Original Message -----
From: "Keith Addison" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Saturday, April 02, 2005 12:58 PM
Subject: [Biofuel] Oil prices surge to new records
http://news.bbc.co.uk/2/hi/business/4399537.stm
BBC NEWS | Business |
1 April, 2005, 21:50 GMT 22:50 UK
Oil prices surge to new records
Oil traders say the ratio of global supply to demand is tight
Crude oil prices hit record levels on Friday, with leading investment bank
Goldman Sachs warning the cost of a barrel could eventually top $100.
Goldman Sachs said that the oil market may be in the early stages of a
"super spike", which could push prices as high as $105 a barrel.
It said strong global demand, allied to potential instability in oil
producing countries, could inflate prices.
US light crude rose as much as $2.40 to $57.70 a barrel in New York.
By the close, the price had slipped back to $57.27 a barrel.
The previous high was $57.60, set on 17 March.
In London, the benchmark contract of Brent crude climbed $2.22, or 4.1%,
to $56.51 a barrel.
"There are real concerns about product availability, that's what is
underpinning the strength of the market at the moment," said Kevin
Norrish, an analyst at Barclays Capital.
Consumption effect
The last time prices were at these levels, economists highlighted the
potential dangers to global economic growth and inflation.
Oil production cartel Opec was prompted to lift production quotas by
500,000 barrels a day.
In its report, Goldman Sachs said the possibility of political turmoil in
major oil producers such as Saudi Arabia could lead to a significant rise
in prices over the long-term.
The fundamental situation is not nearly as bad as what current oil prices
would suggest
David de Garis, ANZ Investment Bank
US light, crude oil price
Brent crude oil price
The firm has raised its average US price forecasts for 2005 and 2006 to
$50 and $55 a barrel from $41 and $40 respectively.
"Oil markets may have entered the early stages of what we have referred to
as a 'super spike' period," said Goldman Sachs analyst Arjun Murti.
This would result in "a multi-year trading band of oil prices high enough
to meaningfully reduce energy consumption and recreate a spare capacity
cushion only after which will lower prices return".
Tight supply
Prices have remained above $55 a barrel in recent days after data showed
that US gasoline stocks fell last week while demand was 2% higher than
this time last year.
Markets are also nervous about disruptions to supply after the recent
fatal explosion at BP's largest refinery in the United States and a power
failure which caused the closure of a Venezuelan refinery on Thursday.
However, other analysts said it would require a major disruption in supply
to cause a spike in prices of such magnitude.
"The market is still of the mind that supply/demand is still very tight
but the fundamental situation is not nearly as bad as what current oil
prices would suggest," said David de Garis, an economist at ANZ Investment
Bank.
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