Oil May Surge to $220 If Libya, Algeria Halt, Nomura Says (3)

If this occurs, there just might be a real impetus to shift to NG, IMHO.

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"Feb. 23 (Bloomberg) -- Oil prices may surge to $220 a barrel if political unrest in North Africa halts exports from Libya and Algeria, Nomura Holdings Inc. said.

Crude futures rose to almost $100 in New York today, the highest in more than two years, as violence in Libya threatened to disrupt exports from Africa’s third-biggest supplier. Libyan leader Muammar Qaddafi vowed yesterday to fight a growing rebellion until his “last drop of blood.” Protests in Algeria led to the ending of a 19-year state of emergency."

<snip>

"Nomura said the $220 prediction may be an underestimate, as speculative investors trading crude oil who were not active in the early 1990s may amplify the price."

The real question is what will it take for us to get serious about making substantive moves toward energy independence?

Tags: algeria, east, libya, middle, oil, prices

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landownerPermalink Reply by Bud on February 24, 2011 at 2:11

The are some forces that do not want us to be independent, including big oil and the Obama administration. The current administration has an overall objective of getting the US off all carbon based fuel. So if the price of oil goes through the roof, this works toward their objective of forcing more electric cars and small cars with high mileage, and pushing all "green" type initiatives (never waste a crisis mentality). Limiting domestic production works toward the same goals. Without a change in administration or enough change in our Congress to provide incentives toward NG, I do not see much that much push for NG even in the worst case.

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landownerPermalink Reply by P.G. on February 24, 2011 at 6:14

I'm betting $220 oil will get a discussion going...

That would be a serious tax on the economy...

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