NEWS: Fear: Not enough oil for winter, page 1

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Topic started on 18-10-2004 @ 03:56 PM by MacKiller

Oil prices have set new records amid concerns that there may not be enough supplies for the key winter period. With oil prices in New York, crude hit $55.33 a barrel in pre-opening trade before falling down to $53.67. Oil prices are high in London also, crude went as high as $50.32, before ending at $48.91. It is a possibiliy that crude can hit $60 by the end of the year.

news.bbc.co.uk
Federal Reserve head Alan Greenspan has said that while oil prices do not yet pose a serious threat to the US economy, further increases could pose a significant risk in terms of both growth and inflation. Bank of Japan Governor Toshihiko Fukui said on Monday that he expected Japan"s economy to continue to recover but that "close attention" must be paid to the rising oil prices.

A Japanese government report last week said the economic recovery could be affected by the high price of oil, as well as by possible slowdowns in demand from China and the US.

Victor Shum, oil analyst at the US-based energy consultants Purvin & Gertz said $60 a barrel is "certainly feasible", adding that a "new milestone" has been reached.

Please visit the link provided for the complete story.

As seen in the graphic above, the cost of crude oil has a direct affect on inflation. As of now, the price of crude is continually rising.

"There is no doubt that at some point in the next six months we are going to see a price retreat," Daniel Hayes, an analyst at ANZ Bank in Melbourne predicted on Monday.

Currently, West Texas Intermediate Crude Oil is priced at $52.95, up $2.17

reply posted on 18-10-2004 @ 04:03 PM by alternateheaven

Given that I think many people use oil/gas over many other potential heating methods, this could make things very bad, especially for elderly people. High cost of heating, gas, and in my case fuel for cooking definately makes me cringe at the coming winter months. Might see more use other heating methods if these theories pan out to be more than just that.

[edit on 18-10-2004 by alternateheaven]

reply posted on 18-10-2004 @ 04:30 PM by 0951

Added to which is that the long term forecast appears to be suggesting a slightly colder winter than 'usual'.

This is one site with the UK long term forecast.
www.metcheck.com...

Tie this 'fact' in with the 'not enough oil' issue, the lack of sufficient flu vaccine and the Maunder Minimum sunspot activity speculation and the potential starts to look a bit bleak.

Oh, and I've just remembered the article on R4 this morning about future UK power outages. More on that here: news.bbc.co.uk...

"Britain faces winters of blackouts and energy price hikes because of a looming crisis in generating capacity, a power and engineering industry union warns"... although in fairness, it wasn't *this* coming winter.

(edited for sp & new link)

[edit on 18-10-2004 by 0951]

reply posted on 18-10-2004 @ 04:37 PM by Gazrok

I live in FL, we'll need to turn on the heat approximately 3 days this winter...