Apr

10

Oil, from Jan-Petter Janssen

April 10, 2011 |

"so 200 or 300 dollar oil is in the cards"

$300 / barrel * 84,000,000 barrels/day * 365 days/year

= $9,198,000,000,000 / year
(USD 9.2 trillion every year!!!)

In comparison:
$58 trillion = World GDP
$14 trillion = US GDP

I wonder what the sheiks will do with all that money? Even more empty Dubai skyscrapers? A second man made world (the 1st is sinking)? Fuel yet another commodity / stock / real estate bubble?

Such a price, and the following wasteful relocation of resources, is not sustainable if you ask me.

Even $125 gives me the shivers…


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