Remember those heady days of spring 2005, when the price of a barrel of light crude busted $50?
It seemed like a historic milestone to somewhere unpleasant, but no-one was quite sure where.
Doomsayers with strong stomachs dared to look into a future. "What would happen if there was all out war with Iran?" they were asked.
Well, for one, oil could top $100 a barrel. Just imagine.
"Don't be absurd!" "Never! Not in your worst dreams!" That was the chorus of rebuttal from a phalanx of realists grounded in sound economics.
The doomsayers were indeed wrong.
On Monday, oil rose to $93 a barrel, only seven bucks short of its cataclysmic, futuristic high, and the world is still standing, we are not at war with Iran (yet) and there are no riots at my local petrol station.
To me, this phrase says everything:
"The real shock about today's oil shock is that it isn't a shock"
People are not concerned about it because oil prices increase gradually, not as they did in 1973.Let's see what will happen in 20 years....
What's your opinion?
Posts: 3 | Registered: Oct 2007
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