The Saudi Arab News writes, "It should be a matter for quiet satisfaction here in the Kingdom that the world oil price on Wednesday hit a new record of $78.77 a barrel. Though it fell back later, it is now clear that the days of cheap oil are over. Indeed, some analysts are predicting the $100 barrel within the next five years."
Not everyone is quite as joyful of course.
In the longer view, the faster the price of oil rises, the faster it will encourage development of a practical alternative.
Ami Isseroff
Cross posted: Israel News Middle East Analysis
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1 comment:
The further the price of oil rises, global inflation will rise, interest rates will rise, economies will slow down and oil producers will suffer the backlash of their own making.
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