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World Crisis scenarios for the 21st century – Peak Oil. (update 5)

Posted by Adrian on October 19, 2007

World Crisis scenarios for the 21st century – Peak Oil. (update 5)

Oil is now trading close to $90.00 per barrel in Asian trading, although the high price is not indicative of Peak Oil per se, what is indicative with the current high price of oil and Peak Oil is the vulnerability of the oil markets; as far as geopolitical tension or conflict combined and the supply shortage of oil worldwide.

The current high prices for oil is the anticipated incursion into northern Iraq by Turkish troops to hunt down PKK (Kurdish fighters based in the northern mountain ranges of Iraq). If a full scale attack does take place we will sees oil in the mid $90.00.

As discussed on morbius glass regarding the global economic situation. High oil, inflated European/Asian currencies, reemerging global credit crisis and a severe recession about to hit the US is developing into a serious issue globally. The G7 meetings will do nothing regarding the high Euro, although the US may cut rates again in end of October to try and stave off a recession.

In my opinion the central banks including the ECB, BoE and US Federal Reserve are going to lose control of the world economy and markets very quickly.

Market Watch ASIA MARKETS Stocks decline as crude oil hits record high ‘Turkey approves Iraq incursion’


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