The price of oil just keeps going up. It reached nearly US$123 in New York trading over night. The Masters of the World at Goldman Sachs repeated their claim that a ’super spike’ in the oil price could drive it to US$200, on the back of red-hot demand in the developing world and the “non-recession” in the U.S. Supply bottlenecks won’t help. The increase in the oil price between 2001 and 2006 was a structural revaluation of oil’s value to the global economy.
May 7th, 2008 | Dan Denning | 1 comment | Continued Our DR Global Editions: 
Friday, August 29th, 2008
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