[Ache]

http://www.belfasttelegraph.co.uk/news/ ... 788934.ece

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The chief executive of the world's largest energy company has issued the most dire warning yet about the soaring the price of oil, predicting that it will hit $250 per barrel "in the foreseeable future".

The forecast from Alexey Miller, the head of the Kremlin-owned gas giant Gazprom, would herald the arrival of £2-per-litre petrol and send shockwaves through the economy. His comments were the most stark to be expressed by an industry executive and come just days after the oil price registered its largest-ever single-day spike, hitting $139.12 per barrel last week amid fears that the world's faltering supply will be unable to keep up with demand.

Mr Miller's prediction is well beyond even the most heady market forecasts, the most extreme of which fall between $150 and $200 per barrel, and was explained only by vague references to demand from the developing world. It nonetheless stoked an already febrile atmosphere of growing public anger across Europe over a soaring fuel cost that is wreaking havoc at nearly every level of the economy.

[Serial_Worrier]

At this point the world economy collapses and Gazprom does too.

[cowuvula]

pretty smart you are, yes. Of course I agree.

And this will happen in 2010, right on schedule.

[bigfnman]

I predict oil to hit $800 bazillion!!!!

Now that I have your attention. Man, we are in deep crapola.
If it get to $200 a barrel, and there is no alternative fuel for transportation, it's pretty much over. Right now many people are on the verge. There is a + to all this however. The rich who caused all this (example: shipping jobs over seas thus creating wealth in 3rd world countries, thus causing them to drink oil like us) will feel it just like everyone else. All that money won't help when we come a knockin. Not that they will have anything we would want. Their $ will be worthless. I'll just kick them in the nuts.

[Revi]

$250 a barrel means about double the price of gas now. That means from $8-$10 gasoline. That means it will cost about 50 cents a mile to drive around in a car that gets 20 mpg. Still a bargain, considering you can bring along 3 friends and about 100 pounds of stuff, transported in an easy chair with music playing for 50 cents a mile. We are used to the way things are now. They could be a lot more difficult. For most of human history we had to lug things around ourselves or on a donkey.

At $10 a gallon the commute of more than 10 miles each way is really going to be pricey though. We are going to see people move a lot closer to their jobs.

[perdition79]

$this->bbcode_second_pass_quote('Revi', 'A')t $10 a gallon the commute of more than 10 miles each way is really going to be pricey though. We are going to see people move a lot closer to their jobs.

[wisconsin_cur]

I consider my current job as pretty necessary and safe, it is not $250 necessary, however. By that scale I just don't see how it could get that high with out destroying enough US demand to bring it down (even if the Chinese and Inidans are still able to afford it).

As it is the new job I have been jumping through hoops the last few months to try to get would still be necessary at $250. a barrel... in fact I would expect to get a lot of overtime in that kind of environment.

[Kylon]

That's why we switch to COAL POWER! COAL POWERED FACTORIES AND COAL POWERED VEHICLES.

Plant more acres with soybeans to allow us to not use nitrogen based fertilizers, but still keep crop yields and low crop cost!