{"id":2208,"date":"2007-07-23T11:17:13","date_gmt":"2007-07-23T15:17:13","guid":{"rendered":"http:\/\/www.brianarner.com\/weblog\/wordpress\/2007\/07\/appropriate_pri\/"},"modified":"2007-07-23T11:17:13","modified_gmt":"2007-07-23T15:17:13","slug":"appropriate_pri","status":"publish","type":"post","link":"http:\/\/www.brianarner.com\/weblog\/2007\/07\/appropriate_pri\/","title":{"rendered":"&#8220;Appropriate&#8221; Price Of Oil"},"content":{"rendered":"<p>The head of OPEC&#8217;s research division is quoted as saying that <a href=\"http:\/\/money.cnn.com\/2007\/07\/22\/news\/economy\/opec.reut\/index.htm?postversion=2007072209\">a $60-$65 price per barrel of oil<\/a> is fair: &#8220;A price of $60 to $65 is appropriate for consumers and producers, because it boosts means of investment in the oil industry in light of growing demand for oil in the coming years.&#8221;<br \/>\nInteresting that he implies that the oil industry needs that price level to maintain production.  At the end of 2004, the OPEC target price band was <a href=\"http:\/\/www.cbsnews.com\/stories\/2004\/07\/22\/world\/main631235.shtml\">$22-$28<\/a>.  I wonder where producers found money for investment back them?  At any rate, the desired oil price has doubled in less than three years.  Call it inflation.<br \/>\nIf <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&#038;sid=aYjwn7IqTlHQ&#038;refer=home\">these analysts<\/a> are correct, $60-$65 will soon seem cheap:<\/p>\n<blockquote><p>The $100-a-barrel oil that Goldman Sachs Group Inc. said would prevail by 2009 may be only a few months away.<br \/>\nJeffrey Currie, a London-based commodity analyst at the world&#8217;s biggest securities firm, says $95 crude is likely this year unless OPEC unexpectedly increases production, and declining inventories are raising the chances for $100 oil. Jeff Rubin at CIBC World Markets predicts $100 a barrel as soon as next year.<\/p><\/blockquote>\n<p>It appears we are going to have an inappropriate problem on our hands.<\/p>\n","protected":false},"excerpt":{"rendered":"<a href=\"http:\/\/www.brianarner.com\/weblog\/2007\/07\/appropriate_pri\/\" rel=\"bookmark\" title=\"Permalink to &#8220;Appropriate&#8221; Price Of Oil\"><p>The head of OPEC&#8217;s research division is quoted as saying that a $60-$65 price per barrel of oil is fair: &#8220;A price of $60 to $65 is appropriate for consumers and producers, because it boosts means of investment in the oil industry in light of growing demand for oil in the coming years.&#8221; Interesting that [&hellip;]<\/p>\n<\/a>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2208","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"h-entry","8":"hentry"},"_links":{"self":[{"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/posts\/2208","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/comments?post=2208"}],"version-history":[{"count":0,"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/posts\/2208\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/media?parent=2208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/categories?post=2208"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/tags?post=2208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}