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Eyes of World on Price of Oil; $100/Barrel Predicted by 2010.
Byline: Michael Preiss
Jun. 4--For the last 30 years, the price of oil has been the single most important indicator for the world's economic health. Now that supply is being overtaken by demand, just how important a role it plays will soon be very clear.
Oil prices are rising because global growth, and demand for the fuel that drives that growth, is accelerating. Especially since China and India, the world's two most populous nations, are booming. Global demand is estimated to account for 80 percent of the current price.
Terrorist attacks and the ugly mess that US President George W. Bush and friends have created in Iraq is estimated to account for the remaining percentage. Event risk is extremely high and this coupled with strong long-term fundamentals makes it no wonder that oil prices are trading at over ...
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Source: HighBeam Research, Eyes of World on Price of Oil; $100/Barrel Predicted by 2010.