Ford Jellymoulds Posted March 9, 2008 Share Posted March 9, 2008 (edited) Oil prices made a new record on Friday after the weaker dollar and inflation sent prices above $106 a barrel. We thought you'd like hearing from Simmons, the Chairman of Simmons & Co., because his firm is the only independent investment bank specializing in the entire spectrum of the energy industry. Founded in 1974, the firm has acted as financial advisor in over $123 billion of transactions, including 511 merger and acquisitions worth over $88 billion.Following is a summary of the main points made by Simmons during his interview with the Fast Money traders. You're predicting $378 a barrel!? "We don't understood the value of oil (domestically), replies Simmons. In England they're paying the equivalent of $9 a gallon for gasoline. That translates to $378 a barrel and it's having little impact on England's economy, right now." CNBC Video $300 Oil soon... http://www.cnbc.com/id/23526903/ Edited March 10, 2008 by Ford Jellymoulds Quote Link to comment Share on other sites More sharing options...
theoldwizard Posted March 10, 2008 Share Posted March 10, 2008 Ask a man who has been lost in the desert for 3 days how much a liter of water is worth. It is simple supply and demand. Demand has shot through the roof because China and India now have enough money to buy "modern" transportation and live in "modern" housing, both of which, require a lot more oil. Eventually "supply" (of oil or some other "reasonable" alternative) will catch up with demand and prices will stabilize. Long term (20 - 50 years) the only "reasonable" alternatives are nuclear, solar and geothermal. Quote Link to comment Share on other sites More sharing options...
Ford Jellymoulds Posted March 10, 2008 Author Share Posted March 10, 2008 If you look at forecasts for future car ownership it's staggering in India and China plus the fact OPEC don't want to pump any extra oil at the moment, and the constant drop offs in oil supply for what ever reason the future for oil prices look bleak, with massive demand and no extra supply the price of oil is only heading one way. http://news.bbc.co.uk/1/hi/business/6658583.stm Quote Link to comment Share on other sites More sharing options...
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