Barrel Fever
Apr 14 2008
The Coming Oil Crash
Boomtown, Iraq
The price of oil has broken barrier after barrier in recent months, even as a recession threatens to slow sales. Just how supply and demand will tweak prices this summer is anyone’s guess. Below, some predictions from economists on the cost of a barrel of crude by September.
Peter Barker-Homek
C.E.O.
Abu Dhabi National Energy Co.
$120
"[This is due to] the softness of the dollar and the occasional interruptions…because of politics." 1
Jeff Rubin
Chief economist and chief strategist
Canadian Imperial Bank of Commerce World Markets
$106
"The third quarter includes the peak driving season for the Northern Hemisphere."
Commodities Research Team
Barclays Capital
$97.70
"The recalibration of prices is continuing apace. We have yet to see the high price of 2008."
Adam Sieminski
Chief energy economist
Deutsche Bank
$85
"More production is coming in Saudi Arabia, and high prices are starting to hurt demand."
Phil Flynn
Vice president and energy analyst
Alaron Trading Corp.
$70 to $80
“We’re going to go to $110 a barrel, but this bubble’s going to pop midsummer.”
Source: 1Bloomberg News, March 2008.
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