This afternoon the price for a barrel of Oil reached $100 on the Tapis Index (exchange that sets Australian petrol prices).
http://www.upstreamonline.com/market_data/?id=markets_crude
Currently it is at 100.36
The Oil Drum has some interesting charts showing the rise: http://anz.theoildrum.com/node/3209
Comments 2
Yeah interesting that analysts were blaming suicide bombers in afghanistan, bad weather in the north sea, attacks in kurdistan…
pretty much anything except that we might be running out of oil.
Posted 08 Nov 2007 at 8:09 am ¶It seems a decline in production has set in. The global oil markets are stretched so tight that a single event could cause a price spike. I fear we are getting into the volatile prices region of Peak Oil where spiking prices cause demand destruction (ie economies go broke) that then lessens the pressure on the supplyside and prices fall again.
Although saying that, I do think it would take something pretty big like a war with Iran to start sinking economies. Keep a close eye on Pakistan though…
Posted 08 Nov 2007 at 9:35 am ¶