Peak Oil

Traders Bet On $125/Barrel Oil in December

By Ryan McGreal
Published November 02, 2007

According to Bloomberg, oil traders are now betting that oil futures will hit $125 per barrel in December.

This comes just after oil futures reached $96.24 per barrel yesterday before falling back to $94.08.

Of course, some of the rising price of oil actually reflects the falling US dollar (the loonie just hit $1.06 US), since oil is priced in dollars.

However, even adjusted for the weak dollar, oil prices are still climbing steadily, in response to a seemingly impassible 84 million barrel/day limit on the rate of production, aggravated by political tension in the Middle East.

Ryan McGreal, the editor of Raise the Hammer, lives in Hamilton with his family and works as a programmer, writer and consultant. Ryan volunteers with Hamilton Light Rail, a citizen group dedicated to bringing light rail transit to Hamilton. Ryan writes a city affairs column in Hamilton Magazine, and several of his articles have been published in the Hamilton Spectator. He also maintains a personal website and has been known to post passing thoughts on Twitter @RyanMcGreal. Recently, he took the plunge and finally joined Facebook.

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By highwater (registered) | Posted November 02, 2007 at 12:29:27

All the more reason to build the aerotropolis NOW before it goes any higher!

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