Russia's Gazprom predicts $250 oil by 2009

Russia's Gazprom predicts $250 oil by 2009

www.reuters.com

DEAUVILLE, France (Reuters) - Russia's Gazprom (GAZP.MM: Quote, Profile, Research), the supplier of a quarter of Europe's natural gas, expects the price of crude oil to almost double as the decade draws to a close, taking gas prices with it.

"We think it will reach $250/bbl in the foreseeable future," Chief Executive Alexei Miller told reporters at a presentation in France. Officials said the prediction was for 2009.

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Yea, that's right $250 a barrel! Just think, 7 years ago, "before everything changed" oil was $30-$35 a barrel. Is this due to the falling dollar, increased withholding of oil(Iraq doesn't export nearly as much as they used too) or a combination of the two?

Switching globally to a standard currency for oil, other than the dollar, might stabilize the prices some, but is it worth finshing the fragging of the U.S. economy.

Or, are we all just completely screwed regardless of what the TPTB decide to do?



www.reuters.com
(visit the link for the full news article)

edit for clarification in second paragraph

[edit on 11-6-2008 by CaptInsanoX]