Oil at $60

Oil's Fire Gets Hotter
As Demand Drives Up Prices, Economists Worry About Effects

By Justin Blum
Washington Post Staff Writer
Friday, June 24, 2005; Page D01

Crude oil prices surged to $60 a barrel yesterday -- only briefly but long enough to renew worries about economic growth and to send stock prices tumbling.

For airlines weighted down by high jet fuel prices, the jump yesterday raises the prospect of still further financial hardship in the months ahead.

For the full article go to:
http://www.washingtonpost.com/wp-dyn/content/
article/2005/06/23/AR2005062302047.html

Note: to spare regular readers of this site (and I am beginning to wonder if there are any!) the tedium of these repetitive articles on the oil price inching ever upward, I will endeavour to provide only a short summary of them, and a link so you can read up on it yourself. Obviously there is usually a whole host of headlines news on this subject. I tend to pick out only what is simple or otherwise interesting.
I also hope, by providing this stuff, it can be seen that what I have suggested before the fact (in terms of predictions) actually does (or does not) occur. The prediction as it stands, is that Oil will finally and irrevocably Peak around Thanksgiving Day (although it is really a period and not a day). That's November of this Year. After that, we all enter a shitstorm courtesy of our Global Economic System and its efficient way of spreading not only good stuff to all corners of the flat world, but also the bad stuff like inflation. That's the prediction.