Goldman Sachs raises possibility of $200 a barrel oil
From Market Watch
New 'super-spike' might mean $200 a barrel oil
Goldman's projections foretell persistent turbulence in energy prices
With $100-a-barrel here for now, Goldman Sachs says $200 a barrel could be a reality in the not-too-distant future in the case of a "major disruption."
Goldman on Friday also boosted by $10 the low end of its 2008-2012 projected range for crude to $60 a barrel -- significantly lower than current prices, to be sure, but a possible mark for oil if "normalized" trends return to the marketplace.
With the dollar's fall continuing and financial markets roiled by the credit crunch, commodities like oil have been drawing the fancy of increasing numbers of investors. Accordingly, Wall Street firms have been eager to adjust forecasts to incorporate fresh data on the global economy and energy supplies.
Goldman analysts Arjun Murti, Kevin Koh and Michele della Vigna said prices have advanced more quickly than Goldman had forecast back in 2005, when it predicted a range of $50 to $105 a barrel as part of its "super-spike" oil theory.
"We characterized the upper end of the band as more likely to be driven by geopolitical turmoil and that recession was a key risk to our view," the analysts said. "In fact, oil prices have reached $100 a barrel without extraordinary turmoil, and the U.S. currently appears to be in recession."
Tacking on $15 a barrel to all of its oil estimates, Goldman now sees average selling prices of $95 a barrel for 2008, $105 a barrel for 2009 and $110 a barrel for 2010. The high end of its range is now $135 a barrel -- but Goldman hinted that prices could be headed even higher.
"As the lack of supply growth and price-insulated non-OECD demand suggest a future rebound in U.S. gross domestic product growth or a major oil supply disruption could lead to $150-$200 a barrel oil prices," Goldman said.
While saying it has a bullish long-term outlook, Goldman acknowledged that oil prices could correct from recent highs.
If it does, it will drop even faster. The next big crash will be in alternative fuels.
It looks as if the Bakken Oil Formation is located right underneath the territory of the Lakota, who have recently declared a secession from the United States.
Montana is in a real pissing match with the federal government, especially if the D.C. gun case rules against an individual Second amendment.
http://www.progunleaders.org/
Their Governor told Chertoff to "Go to Hell" over the Real ID act. That's a classic interview!
and its speculation of $200 a barrel indicate Goldman Sachs' uncanny psychic power in charting the economic futures, from which they hope to extract large profits to add to the investment and securities fund for acquisitions and development of alternative energy -- nay, hold on to the furtherance of the monopolies in energy -- oil and alternative fuel -- and subvention, alimentation and logistics in food, water, medical, etc -- possibly including forced slave (indentured) labor post-collapse.
Goldman Sachs provide obscene amount of compensation and bonus packages to its roster of top-level executives & managers. Recent news reported CEO received approximately 100 million dollars in stock and payment.
Current share stands at about 160.00. If I remember right, it reached $200 per share in the last year.
Speculation is the name of the game, and they are betting on the futures to get even richer -- the sky's the limit is a familiar proverb.
Goldman Sachs is one of the wealthiest firms in the world, if not the wealthiest outside of the sham known as Federal Reserve. They -- the executives and shareholders -- look forward to exploiting the misery of the population for profiteering when the economy goes into severe recession or depression after the crisis arise to a global alarm -- 1973-style OPEC dispute in reaction to geopolitical disturbance like the invasion or provocation of Iran-Syria -- is perverse bordering on treason and crime against humanity.
Greed is a natural human instinct. Pure, unadulterated greed with contempt for humanitarian concerns is profound evil, as Bush-Cheney administration and the military-industrial complex are apt in their complete lack of moral values, hypocritical verbal promotion of such values (pushing for democracy in Cuba while overlooking Saudi Arabia and China's appalling human rights records) notwithstanding.
Goldman Sachs is in reality a criminal organization with the hard-on for monopoly and exploitation to destroy the Middle class by intentional impoverishment through economically chaotic crises akin to American oil companies' covet of oil-rich lands conquered or turned over and Monsanto's control of life-giving seeds by developing terminator seeds to control the farming contractors to extract huge profits.
Watch the documentary movie The Corporation for the breadth of the subject discussed here.
As a socialist libertarian, while I subscribe to laissez faire economics, the reality is that with free market economy wholly unregulated, it leads to horrific exploitation and violation of the environment and human rights that offend the human conscience -- Enron's exploitation of California by introducing energy crisis to extract excess profits from ordinary homeowners and businessowners in price-gouging rip-off after deregulation a well-known example (see the documentary Enron: The Smartest Guys in the Room).
While Goldman Sachs is free to speculate and purchase futures as a corporation in the U.S., it has absolutely no right to decide the future for the U.S. citizens at large, let alone the economy. Such conspiracy to manipulate the economy to raise the crisis for exploitation is reprehensible that should call for vigorous prosecution and eventual abolition of the corporations that are nothing more than economic-financial vultures.
Portion of the formation is in Canada. Interesting Wikipedia page, hopefully accurate in description and history.
U.S. would definitely commit "Wounded Knee" on a mass scale to suppress the "insurrection" led by Russell Means and the Native American movement attempting to form Lakota Nation by forcing the withdrawal of treaties citing repeated patterns of violation by U.S. government.
U.S. does not have Native American's (of various tribes) interest at heart. The genocide goes back even when George Washington and Andrew Jackson were generals. The bureaucrats despise American Indians when they depend the sovereignty and rights, depending where their lands are located that contain mineral and oil riches that U.S. govt lust for in desire.
The proclaimed reason to reduce U.S. dependence on foreign oil is a smokescreen. U.S. is already the world's largest consumer of oil and do not appear and intend to conserve and plan the substantive development of alternative energy to wean off foreign oil consumption.
Thus, U.S. will oppress even the white landowners (who owned the acres of land for generations and refuse to sell out) to usurp the rights to the land in order to get at mineral and oil for extraction -- for the corporate contractors to sell to the government. Reminds me of the movie There Will Be Blood based on the novel "Oil!" by Upton Sinclair.
Considering the centuries-old history of oppression towards American Indian tribes, U.S. government do not have the intention to honor any treaty it consider incompatible with the goals of the government in exploiting the natural resources to (ostensibly) alleviate the internal crisis of the nation.
However, I wish Russell Means and his comrades good luck in resisting U.S. govt's intrusion to disperse and crush the movement for sovereign independence of the newly formed Lakota Nation government.
And U.S. govt better not have its eyes set on invading Canada to grab oil reserve of the Bakken Formation. An invading thief is a thief.
"..in the not-too-distant future in the case of a "major disruption."
Sounds like they know something about the White House War Mongers getting ready to launch another war against another one of Israel's "existential" enemies.
Which means they are probably betting some major money on the commodities, in the hopes of turning blood and burnt flesh into gold.
Just like one of their friends did right before 9/11, when they shorted the American Airlines stock.
Isn't the current Treasury Secretary, Paulson, from Goldman Sachs?
Whitehouse.gov: President Bush nominates Henry Paulson for Treasury secretary
What does Henry know about the current state of U.S. economy and the solutions, and his current association with Goldman Sachs and Federal Reserve as a possible secret stockholder?
Beats me, but I'm sure Henry knows some secrets because he knows Federal Reserve is a private corporation controlled by the international banking cartel. He serves as the secretary to aid and abet the criminal enterprise in perpetuating massive fraud fleecing the taxpayers in hundreds of billions up to a few trillions, as long as his position remain in the next administration.
A while ago, there was the propagation of a bullshit claim that Henry Paulson was assassinated. Turns out he's still alive, popping up at speaking engagements.
I wish Henry would go away, because he's nothing more than a vulture cross-bred with a fox guarding the hen house while hovering above the cash-stuffed mices to tear apart. A true plutocrat if there is one.