Re: Bush high oil price policy: Ready for $262/barrel oil?

Should we have a law to consider those oil traders the criminals? I would
put them in jail for life.


"Bill in Schenectady" <billnech@xxxxxxx> wrote in message
news:eF9Df.1260$ap3.884@xxxxxxxxxxx
>
> "citizen" <hans.dekeulenaer@xxxxxxxxxxx> wrote in message
> news:6ucpt1hn59ufgf7d4fo5idsrk7cv9s6o7f@xxxxxxxxxx
>> On Sun, 29 Jan 2006 02:28:25 GMT, "Uno" <Uno@xxxxxxx> wrote:
>>
>>>Ready for $262/barrel oil?
>>>
>>>By Nelson Schwartz, FORTUNE senior writer
>>>January 27, 2006: 4:40 PM EST
>>>
>>>
>>>
>>>DAVOS, Switzerland (FORTUNE) - Be afraid. Be very afraid.
>>>
>>>That's the message from two of the world's most successful investors on
>>>the
>>>topic of high oil prices. One of them, Hermitage Capital's Bill Browder,
>>>has
>>>outlined six scenarios that could take oil up to a downright terrifying
>>>$262
>>>a barrel.
>>>
>>>
>>
>> At $262 a barrel, wouldn't supply explode, and demand collapse? In
>> other words, uneconomic oil resources would suddenly become
>> attractive, and alternatives to oil would be more competitive, while
>> demand - historically inelastic but not to the extent that it would
>> not respond to a factor 3 price increase - would decrease. A 262$
>> price is therefore largely self-defeating.
>
> This is indeed an analysis of how the market place will make
> corrections....but not without considerable pain. Many will no longer be
> able to afford to commute to their jobs. Many will not be able to afford
> to heat their homes. Food prices will also increase significantly.
>
> Over the long term, living arrangements and working arrangements will
> change ... will adjust. But there will be a great deal of pain during the
> transition. Possibly, in fact, the worst economic times since the 1930's.
>
>
>


.

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