I predicted oil would hit at least $130/bbl

Posted: February 24, 2011 in Middle East, Rebellion, Stock Market, USA

Which would lead it to $4.75/gal on average across the states. Now that outbreaks of uprisings of people who are just damn tired of dictators are in play, oil is rocketing. Currently at $100/bbl, Marketwatch.com backs my belief with this post:

Middle East unrest could push oil to $220: Nomura

By Claudia Assis

SAN FRANCISCO (MarketWatch) — Crude futures prices could peak above $220 a barrel if Libya and neighboring Algeria “were to halt oil production together,” said Michael Lo, an analyst with Nomura. The closest comparison to current unrest in the Middle East and North Africa is the 1990-91 Gulf War, he added. The unrest could also reduce spare capacity of the Organization of Petroleum Exporting Countries to levels last seen during that war and in the summer of 2008, when prices hit $147 a barrel, Lo said. Crude-oil futures closed 2.8% higher at $98.10 a barrel on the New York Mercantile Exchange.

http://www.marketwatch.com/story/middle-east-unrest-could-push-oil-to-220-nomura-2011-02-23?dist=afterbell

Alot higher than I expected for this summer. I wasn’t expecting these prices until next summer. This will cause an economic crash here in the U.S.

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