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‘Oil price may hit $500 a barrel’
Press TV
Sunday, July 28, 2008
Iran OPEC Governor says the oil price may reach $500 a barrel in case dollar depreciation continues and the political tensions deepen.
“In case the dollar continues to depreciate, and the political tensions continue to deepen, the oil price may even reach $500 per barrel”, Mohammad Ali Khatibi said in response to the question of whether oil price will reach $200 a barrel during the next two-three years, the Shahrvand-e Emrooz magazine reported.
Crude oil price has fallen in seven of the last nine sessions, and is down more than 16 percent from its peak above $147 a barrel earlier this month. On Friday alone the oil price dropped $2 a barrel. The lower prices have resulted from lower demand as the price has kept rising.
(Article continues below)
But crude prices rebounded on Monday in Asia as the West’s standoff with Iran over the country’s nuclear activities continues and on the news about the kidnapping of eight foreign oil workers in Nigeria.
Light, sweet crude for September delivery rose 13 cents to $123.39 a barrel in Asian electronic trading on the New York Mercantile Exchange by midday in Singapore, AP reported.
Iran’s President Mahmoud Ahmadinejad reported a significant increase in the number of his country’s nuclear centrifuges on Saturday.
“The comments by the Iranian president are a reminder that the Iranian situation remains fluid,” said Victor Shum, an energy analyst with consulting firm Purvin & Gertz in Singapore.
The abduction of foreign workers in Nigeria and the threats to blow up pipelines in a month is a reminder of possible oil supply interruption from the largest African oil producer.
“These events really remind the market that the geopolitical risks regarding Nigeria and Iran remain,” Shum said. “Overall, the market has weakened due to concerns over the faltering U.S. economy and slackening oil demand in the U.S., but supply side risks will still provide a high floor for pricing.”
Current oil prices remain about 65 percent higher than at this time last year.
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16 Responses to “‘Oil price may hit $500 a barrel’”
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July 28th, 2008 at 4:41 am
I’m glad that I don’t own a gas-guzzler like those ugly Hummers or other SUVs. They are a little bit heavy to be pushed around.
July 28th, 2008 at 5:16 am
Yes it is time to get these industrialists exposed!
BEAT the international bankers at their own game….
http://www.becomericher.info
July 28th, 2008 at 6:50 am
Haha Jehan, is driving your car your greatest concern when it comes to oil companies (and others) forcing oil prices up to 500 bucks ? Try see the big picture (food prices, etc.).. Cheers
July 28th, 2008 at 7:06 am
Tom W It’s gonna take more then a few dollars to beat these evil criminals at their own game
July 28th, 2008 at 8:24 am
We have so much oil right under our feet, right here in America. We shouldn’t even be paying $100 per barrel.
Come to think of it, we should have stopped burning fossil fuels LONG AGO. . .what an outdated and primitive means of energy. I say we start working on TESLA ENERGY. But I know that will never happen, because the elite HAVE to be able to charge us for SOMETHING.
OIL is just another way to keep mankind tied down, to keep him from realizing his own full potential.
I use a bicycle most of the time these days. . .it really is great! Makes me feel like a kid again. I think if more people tried it, they would LOVE IT!
July 28th, 2008 at 10:31 am
this is the best news Ive heard all week, oil prices higher = me happier. You were born with legs for a reason, no wonder this countries so fat.
July 28th, 2008 at 11:21 am
Oil should be used for plastic and fertilizer, vehicles should be converted to run on batteries which are charged with solar panels. The technology is out there. It will improve with time.
Another alternative would be to drill down to hot rocks [as opposed to geothermal pockets which cool off], and use sea water to generate steam for turbines. The condensed steam would be fresh water. There’s your power and water free forever!
July 28th, 2008 at 11:27 am
I like high gas prices and i will tell you why.
1. Americans Drive SUV / Trucks when they dont need it..
2. They Eat way too much Food
With High Gas Prices the Suv will go away!
People will stop going out to eat, and eat healthier meals at home. They may even exercise! Thats just a couple examples.
July 28th, 2008 at 11:34 am
To scare us, first it’s $200, then $300, now it’s $500. Can we just settle on and even $1000?
July 28th, 2008 at 1:11 pm
Who cares? $150…$200…$300…even $500…who gives a flaming rat turd?
There is so much more going on in this freaking country than the cost of oil, but since we’re on the subject it seems that the American’s actually do respond to higher prices. A 15 second clip on CNN this morning mentioned that in May we drove a whopping 1 BILLION miles less than we did the same time last year. Hell, there’s a Chevy dealer down the street that (as of last week) had 2-for-1 sales (buy an SUV and get a free semi-green sedan or coupe). The gas station across the street is now at $3.98 for regular (cheapest it’s been in about a month). I stopped driving a year ago except to go to work and am loving the decrease in trucks and number of vehicles I see on the roads.
Now back to the point: who gives a flaming rat turd? IMHO we ought to be paying more attention to the decrease in our civil liberties than the increase in a barrel of crude oil. At least that’s a problem we have some actual control over if people would get off their lazy asses that is.
July 28th, 2008 at 3:10 pm
I personally hate the high oil prices. I’ve got a couple
old collector cars that I like to drive to a car show now
and then, but when it costs $100 to do it, my American dream
becomes impossible.
And, no, I don’t have an SUV either….
July 29th, 2008 at 4:52 am
Alienation: you sound like you have your priorities in tact. Size T” I would be your one who would want the government to legislate just about anything that is considered a freedom. people are free to eat like pigs and drive like one if they want to. Now, if we go to national health care, I would probably be the first to rip a big mac outta someone’s mouth…lol
July 29th, 2008 at 9:49 am
ADD CAPITALISM AND COMMUNISM TOGETHER LIKE 2 EGGS AND BEAT
= GLOBALIZATION = ECONOMIC COLLAPSE
The 2 systems were created & designed to collapse each other when combined!
Capitalism CANNOT compete with communism ie. CHINA is now the #1 economic power in the world!!!
PROPHECIES.ORG
CUTTINGEDGE.ORG
July 29th, 2008 at 11:42 am
Dear readers,
Hello!
I am absolutely amazed that among 7 billion population on this prison planet, nobody can deduce the truth of Islamic regime in Iran.
Look here, in a nutshell, the world had and has only one unique “government” that plays all the cards.you can call it Illuminati or whatever. when they decided to end the military-industrial wars between eastern and western blocks in the mid 70’s,they planned to create a TERRORIST HUB in the region to continue with the role of the soviet union in another guise.
What really happened is that they created an eastern enemy in the beginning ( Russian revolution) to reach these two goals:
1- Creation of Ordo ab chao, that is ,to force all the eastern countries and all the western countries gather in 2 united blocks, the west and the east.
The role of soviet union was to confront Europe and USA and strenghten the huge military-industrial complex to create the world’s first superpower capabilities in the USA.After the soviet union role was fulfilled in the end of 70’s , there came the time to unite the now united east with united west
under one umbrella and there were no need for more super power capabilities because it now existed in a huge complex.
==============
Now the final stage shall take place and that is when the superpower capabilities were completed, then it is necessary to strenghten the NATIONAL SECURITY sector , that is , to create the final scene in terms of seizing all levers of power and declaring a martial law and global dictatorship by criminalization of each and every citizen.In this stage you see at least 16 USA national security agencies working together.
Now what you need to create this status as you did in case of soviet union? a HUB in the middle east to terrorize and demoralize the world and specially the USA citizens.THAT IS the role of the islamic republic in Iran.
==============
Remember 2 years before Iranian revolution , Muammar Qadhafi with CIA financing, produced the movie “Mohammad Rasoul ollah” starring Anthony Quinn that showed Islamic movements come forward and conquer.
before the Iranian revolution, Muammar Qadhafi aided by CIA money,bought Cassius Kelley the Boxer to change his faith to Islam and become Mohammad Ali.
Then 1 year before the revolution, there was a big promotional theatre about the world boxing champion ship and all the middle east watched as the “Moslem” boxer knocked down the “American” one.And of course do not forget that in the coming years, the Rocky serial movies all were preparing the world for the same theater and this time the “American” knocked down the “Russian Bear” and predicted the soviet down fall in the 80’s.
Please just think! The Iranian IMAM Khomeini is promoted widely by the British BBC, settles in a nice Paris suburb to meet all the press and give false promises to every body, and then flies to Iran in a French plane , gets on an American Chevrolet Blazer and heads to cemetery!!!
Don’t you see what has happened? Iranian regime (simultaneously with Saddam Hossein and Taliban in Iraq and Afghanistan) was the substitute for the soviet dissolution but this time not to strenghten the military power but to create too much terror to make grounds for USA police state and EU dictatorship which will be declared very soon indeed.
=============================
To affirm my opinion , just think that this IMAM ( meaning a religious leader) from the start had nothing to do with the religion and instead of talking about the religious matters was always shouting against the USA and Israel and so on and spending the country’s oil money for terrorist activities in the region.He was just a puppet of the Illuminati and shadow government in the USA.
Don’t you see that Iranian regime has been in great crisis and tribulation everyday since its advent 30 years ago?
Don’t you see that USA threats are going on for 30 years and NOTHING HAPPENS AT ALL?
Please come to your senses and do not forget that all political matters going on in the world are controlled by one and only one center.(You can call it Anti-Christ,Illuminati,Dajjal or whatever.)
(Please check my website in relation to mind control:
Http://mindcontrolvictim.site.io)
Thank you and goodbye.
July 29th, 2008 at 11:20 pm
Acording to Lindsey Williams , the price of oil is going to be droping to 50.00$ a Barrel ,
August 1st, 2008 at 3:12 pm
Well, all of this is definitely go to give a boost to non-oil technologies like air-powered cars and electric cars, etc.
Non-oil power technologies are constantly improving and getting more eco-friendly, so the high oil prices will make people regard them with a lot more seriousness than has been.
And golly gee winnikers, can you believe smog will then just disappear and you can breathe clean air even downtown in the biggest city? About time, I say!