Monday, 16 June 2008

Black Swan of the Week

"Most forecasts made by experts and institutes like the International Energy Agency, the US Department of Energy and the World Bank for 2010 were in the narrow range of $20 to $30 per barrel." (


"Crude oil prices jumped on Monday to a fresh record high of almost $140 a barrel after the US dollar fell and news about a possible Saudi Arabia’s oil output increase were overshadowed by fresh disruption in the North Sea oil production. In early trading in New York, West Texas Intermediate crude oil jumped to $139.89 a barrel, above the previous record of $139.12 set in early June." (Today's FT)

1 comment:

Andrew Smart said...

It's not good is it, considering that basically everything we take for granted today has been developed and manufactured while we were swimming in cheap oil.