$88 Posted by Ilan Goldenberg

The current price of oil.   A new record.

In 2000 and 2001 I worked as an Investment Banking Analyst in Salomon Smith Barney's energy group (Yes I know. I used to work for the dark side).   All of the financial models were based on a long-term oil price of $19 per barrel indefinitely.  That was only six years ago!  Now we are on the verge of breaking $90.  Gotta love George Bush...

Comments

[Dan Kervick]

Well, Bush no doubt deserves a huge share of blame for the rapidity of the price rise. But gee. Did all of those financial wizards really believe in the indefinite prolongation of $19 a barrel oil?

[Ilan Goldenberg]

Yes. Shocking isn't it. It was all based on Paul Ting, top rated wall street oil analyst.

http://www.thestreet.com/markets/analystrankings/1247988.html

[Mike M.]

You do gotta love George Bush. If you're Halliburton. Or ChevronTexaco, or ExxonMobil, or...

[SteveB]

From today's Guardian:
The prospect of military action by Nato's second-largest army helped push crude prices to a record high of over £43 ($88) a barrel today.

So Turkey sees Iraqi Kurds sending insurgents over the border (or helping domestic insurgents) to kill Turkish soldiers, and their response is to threaten an invasion? And, of course, Washington argues that the Turks should use "diplomacy" to resolve the problem. Because that's what we use when we're faced with problems like this.

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