Today's Article
Goldman Sachs
believes that the
globe is suffering
through an oil price
'super spike'.
The American Spark
Oil prices May Top $200 A Barrel In Two Years, Goldman Sachs
Predicts
By Cliff Montgomery - May 6th, 2008
A Goldman Sachs forecast that oil prices may rise to $200 a barrel within the next two years drove oil futures to
a record level of $123 a barrel today.
Retail gas prices crept a bit lower as investors fret over possible supply shortages. But many already predict
that retail prices will explode to record highs of their own as the U.S. slides into summer.
The Goldman Sachs prediction apparently influenced much of Tuesday's heavy buying, although heightened
worries over the declining crude production of Russia and Mexico and the free-fall of the U.S. dollar also were
influences, say analysts.
The Energy Department elevated its price forecasts for oil and gasoline, but also stated a belief that increased
prices will further slash demand.
The price of light, sweet crude pegged for a June delivery spiked to a record $122.73 per barrel, before edging
down to $121.84 on the New York Mercantile Exchange.
Because oil prices have almost doubled since last year, Goldman Sachs believes that the globe is suffering
through an oil price "super spike".
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