Crude Oil at $100 at Barrel
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Posted by George on August 10th, 2005

Do you think crude oil will hit $100 a barrel? Only time will tell. But my money is on that it will, given the worldwide demand for gasoline is increasing and supply being constant or decreasing. With the Chinese increase demand for oil to fuel its ever increasing industrial machines. If the situation in the Middle East stays the same or gets worst, we will see further increases. Oil will be at $100 if we continue what we are doing without any changes.

We have already reach an all time high of $65.00 a barrel for US light sweet crude, which is an increase of $1.93 from yesterday, but settled to close at $64.90. These prices are still less than in the 1980’s when the price was over $82, adjusted for inflation.

The solution to this is alternative fuel like hydrogen or fuel cell to name a few. We can’t rely on another country to provide us with fuel forever. Right now we as a nation will die without the oil from the Middle East.

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