Saturday, August 14, 2004

A prediction worth filing away for future reference.
[Oppenheimer senior energy analyst Fadel] Gheit said if oil goes much higher or stays high for much longer, the result could be gasoline prices falling even further due to a wider hit on the economy.

"There is no doubt in my mind that not only the U.S. economy but the world economy is slowing down," he said. "By spring of next year, if (oil) doesn't go below $30 we'll have a recession."
If the oil analysts the General cited the other day are right and $30/barrel is not even a serious point of departure for discussing future oil prices, 2005 is shaping up to be a pretty ugly year.

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