Goldman Sachs analyst predicts oil could hit $200 a barrel as soon as this year
(Note: To learn more about hydrogen fuel cell cars and their potential to solve the oil crisis, please read the series of articles titled “Twelve Hydrogen Facts” which is part of the Hydrogen Manhattan Project.)
BusinessWeek is reporting that Goldman Sachs analyst Arjun Murti said in a client note released today that:
“We believe the current energy crisis may be coming to a head, as the lack of adequate supply growth is becoming apparent.”
The BusinessWeek article says that Murti “predicted that oil prices could reach $150 to $200 a barrel over the next 6 months to two years.”
Oil is poised to set another record today as it is currently trading at over $122 a barrel.
The speed at which oil prices have advanced is incredible. It was just two months ago on March 2nd that I wrote a blog post about T. Boone Pickens predicting that oil could reach $150 a barrel in two years. Oil was right around $100 a barrel at the time.
What is the reason behind the high oil prices that are going higher? It is very simple. Global demand is steadily increasing due to the rapid growth of China and India, but global supply is not able to keep up with it.
I don’t think oil companies are angels, but they are not the reason for the high oil prices. It is simple supply and demand.
People are now beginning to realize that this problem is not going away. It will only get much worse as oil prices head a lot higher. As I wrote about in Hydrogen Fact #12, many consumers will stop buying cars powered by gasoline as fuel prices continue to rise even further, so car companies will be very motivated to start selling hydrogen cars soon.
The only solution to the oil crisis is hydrogen fuel cell vehicles where the hydrogen is produced from clean sources of energy such as wind and solar power. It is time to start the Hydrogen Manhattan Project.
