Oil hits $100
by Glen Hiemstra on 02/01/08 at 8:59 pm | 
In case you missed the news today, oil hit $100 a barrel on the NYMEX oil futures market today, for the first time. This was the price, briefly, for oil to be delivered in January 2008. Before the day ended the price dropped back to $99.62.
As I note in my Outlook for 2008, it is unlikely that oil prices will exhibit the old historical trend of falling way back from the current price records. Rather, the new floor price may stay in the $90 range.
Glen Hiemstra is a futurist speaker, consultant, blogger, internet TV show host and founder of Futurist.com. To arrange for a speech contact Futurist.com.
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Outlook 2008 at Futurist.com
Jan 3rd, 2008
[...] As 2007 came to a close, oil was at about $95 a barrel. Some experts predict a dramatic price decline in 2008, following historical patterns. We disagree. The new floor price is about $90, and we will see $100 in 2008, and as much as $140-150 by mid-year. Why? Increasing global demand from countries like China and India, an obvious development. But the real hidden force is increasing demand in the oil producing nations. In fact, the key metric to watch is not oil production but oil exports. Countries like Russia, Venezuela, and Mexico see their exports falling faster than their production, as they use more internally. The same is true in Saudi Arabia. Oil prices are not coming back, and 2008 is the year we realize this is true. [I recorded the video on Dec. 21, 2007- and oil hit $100 on 1/2/208.] [...]