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| February 22nd, 2011 |
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| March 2nd, 2011 |
The Saudis' are comfortable with Brent crude at $120 a barrel, but there is no guarantee they can stop it there, so look for oil to overshoot big time.
Wednesday, March 2, 2011
Remember Way Back In February?
...When crude oil was only $93.45 a barrel:
Well, today Crude is close to $102 a barrel:
So how much gross domestic product (GDP) have we lost in the last eight days? Well, each dollar gain in crude translates to about a $95 billion dollar loss to GDP. That means, in the last eight days, we've lost $756.2 billion 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 there is no guarantee they can stop it there, so look for oil to overshoot big time.
The Saudis' are comfortable with Brent crude at $120 a barrel, but there is no guarantee they can stop it there, so look for oil to overshoot big time.
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