Barclays and Bank of America see looming oil crunch

Quintus · Post by **Quintus** » 18 Feb 2010, 23:37

Rowena, Branson and now Barclays Capital and Bank of America … interesting week.

Barclays and Bank of America see looming oil crunch

For oil markets, it as if the Great Recession never happened. Surging demand in China, India and the Middle East is making up for decline in the debt-crippled West, ensuring another global crunch within three or four years .....

Ambrose Evans-Pritchard
http://www.telegraph.co.uk/finance/news ... runch.html

madibe · Post by **madibe** » 19 Feb 2010, 11:55

The oil spike brought the global economy to a shuddering halt in 2008. This time the crunch may hit before the West has fully recovered. Whatever happens, the US, Europe and Japan will soon transfer a chunk of their wealth to the petro-powers. It is a new world order.

Erm...I thought the recession was caused by bad debts and not oil... hahaha

Also though what is this journalist on? "US Erope Japan will soon transfer....." Have been doing for a loooooong time. Whats new?

Quintus · Post by **Quintus** » 19 Feb 2010, 16:21

I thought the forecasts were credible.

Oil has the potential to flirt with $100 this year. We forecast an average price of $137 by 2015," said Amrita Sen, an oil expert at BarCap. The price has doubled to $78 in the last year .... Francisco Blanch, from Bank of America Merrill Lynch, said crude may touch $105 next year, with $150 in sight by 2014.

Apparently world consumerism is on the launch pad about to take off.

"Approximately 1.7bn consumers in emerging markets with a per capita income of $5,000 to $20,000 are eagerly waiting to buy cars, air-conditioning units, or white goods," he said.

Andy Hunt · Post by **Andy Hunt** » 19 Feb 2010, 16:40

maudibe wrote:
The oil spike brought the global economy to a shuddering halt in 2008. This time the crunch may hit before the West has fully recovered. Whatever happens, the US, Europe and Japan will soon transfer a chunk of their wealth to the petro-powers. It is a new world order.
Erm...I thought the recession was caused by bad debts and not oil... hahaha

Ha! That one slipped through, didn't it!!!

emordnilap · Post by **emordnilap** » 19 Feb 2010, 17:25

Let's face it - they all lurk here, don't they?

Mitch · Post by **Mitch** » 20 Feb 2010, 21:30

OI, our Tess isn't no "lurker" - she' a founding member of Power Switch!!!

(Am assuming most of us know of her past role in the "city" - if not, it's up to Tess to enlighten people - hint: she started the "price" sticky)

Nice to see the recent posts Tess, thought we had lost you 'n Dave somewhere in Wales - am pleased it seems to be turning out as stressless as you hoped. Soma is still afloat, panels still don't work, will P.M. you when I find a "free energy" machine that actually does defy thermodynamics - don't hold your breath though

emordnilap · Post by **emordnilap** » 20 Feb 2010, 21:56

Mitch wrote:OI, our Tess isn't no "lurker" - she' a founding member of Power Switch!!!

No way I was referring to Tess as a lurker! Huge regard for her (and her partner in their move upmarket).