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Oil: the party is over
Gwynne Dyer
Welcome to the world of US$70-per-barrel oil. That's if there is no crisis in the Gulf over Iran's nuclear ambitions. If there is, then get ready for US$140 a barrel. Oil briefly breached the US$70 barrier eight months ago, but this time it is going up for good.
Exactly one year ago the investment bank Goldman Sachs put out a paper suggesting that the "new range'' within which oil prices will fluctuate is US$50-US$105 per barrel. (The old range, still used by most of the oil industry when deciding if a given investment will be profitable, was US$20-US$30.) The price could surge well past the upper end of the Goldman Sachs range if the United States actually does launch military strikes against Iran, but it's going up permanently anyway.
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