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World Crisis scenarios for the 21st century – Peak Oil. (update 3)

Posted by Adrian on September 12, 2007

On the commodity futures Oil reached $80.00 a barrel after dropping back to $79.91. Is this a sole combination of investors and demand pushing up the price? Regardless, there appears to be increasing shortages of Oil in The US, and Opec is increasing their oil quota to feed a shortage problem.

“This bolstered concerns of supply pressures over the winter months. ‘We are getting increasingly into a drier situation in respect with the amount of gasoline in storage’, said John Kilduff, an analyst at MF Global. “There is zero room for error.”

Article: BBC news Wednesday September 12th 2007

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