Crude overshot $104 a barrel:
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| March 6th, 2011 |
And here's what the picture has done since February 22nd:
...When crude oil was only $93.45 a barrel:
 |
| February 22nd, 2011 |
Then $102 a barrel:
 |
| March 2nd, 2011 |
Each dollar gain in crude translates to about a
$95 billion dollar loss to GDP. That means, since February 22nd, we've lost
$1.13 Trillion dollars of GDP due to sending money offshore for oil. That's on top of over a half trillion lost between February 21st and 22nd.
The Saudis' are comfortable with Brent crude at $120 a barrel, but I see it overshooting that by a wide margin.
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