Phemmy Google search

Friday, January 7, 2011

Expect Sharply Rising Oil Prices

Deutsche Welle reported on January 3:
“Oil prices closed out 2010 at a 26-month high of $92 (69 euros) a barrel… there is widespread agreement that consumers and industry can expect sharply rising prices due to soaring demand…  some experts are predicting… a surge to levels never seen before – possibly as high as $200 a barrel…

“Werner Zittel, an oil expert… told German public broadcaster ARD on Monday that ‘the hour of truth’ had arrived. ‘Can global oil production keep up with the growing demand or not? I tend to think: no, game over,’ he said. Zittel is convinced that 2011 will be a fateful year for worldwide oil supplies. He believes that the price shock of 2008 was just a harbinger of what's to come…

“Economists are worried that rising energy prices could stifle the fledgling economic recovery. If manufacturers are forced to charge more for goods due to rising production costs for energy, consumers will cut back on purchases which, in turn, would put another dent in sales and profits.”

Culled from the weekly of church of the eternal God

No comments:

Post a Comment