Wednesday, June 18, 2008

Oil prices

Crude oil prices have risen from under $25 to over $130 a barrel (click images to enlarge). Gasoline prices are headed for $5 a gallon. Is it Peak Oil, speculators, the weak dollar, OPEC, or what?

The lower chart (source, PDF, page 6), by Roger H. Bezdek, co-author of the 2005 "Hirsch Report", shows the impact of demand exceeding supply. Are we there now?

I'll update this post with analyses on different sides.

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