Chronicles Of Depression 2.0: #084

Those of you who have been lulled into a false complacency because of my lack of Doom posts here are going to be in for one hell of a shock in the comings months.

As it is, the pulse of things is picking up.

This morning, this was the headline:

Oil hits record $120.93 a barrel on supply woes

By afternoon, it went to this:

Oil nears $123 on $200 oil prediction, supply concerns

What prediction was that?

NEW YORK (AP) — Oil futures blasted to a new record near $123 a barrel Tuesday, gaining momentum as investors bought on a forecast of much higher prices and on any news hinting at supply shortages. Retail gas prices edged lower, but appear poised to rise to new records of their own in coming weeks.

A new Goldman Sachs prediction that oil prices could rise to $150 to $200 within two years seemed to motivate much of Tuesday’s buying, although a falling dollar and increasing concerns about declining crude production in Mexico and Russia contributed, analysts say.

Emphasis added by me.

Those of you who have been reading here are already shaking your heads over the stupidity evidenced there.

Because it was waaaaaay back in Chronicles Of Depression 2.0: #064 — published April 28, 2008 — that $200/barrel oil within two years was first mentioned here. The source was OPEC President Chakib Khelil!

Then, later that same day, in Chronicles Of Depression 2.0: #067, it was mentioned again, this time as a two American predictions.

So, Goldman Sachs, just who the hell are you guys trying to impress? The ignoranti who don’t read this blog, probably!

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