Crude to Hit Magic WAR Number Says Analyst - WW3 Imminent?
The Opec oil cartel no longer exists in any meaningful sense and crude prices will slump to $50 a barrel over the coming months as market forces shake out the weakest producers, Bank of America has warned.Revolutionary changes sweeping the world’s energy industry will drive down the price of liquefied natural gas (LNG), creating a “multi-year” glut and a much cheaper source of gas for Europe.Francisco Blanch, the bank’s commodity chief, said Opec is “effectively dissolved” after it failed to stabilize prices at its last meeting. “The consequences are profound and long-lasting,” he said.The free market will now set the global cost of oil, leading to a new era of wild price swings and disorderly trading that benefits only the Mid-East petro-states with deepest pockets such as Saudi Arabia. If so, the weaker peripheral members such as Venezuela and Nigeria are being thrown to the wolves.The bank said in its year-end report that at least 15pc of US shale producers are losing money at current prices, and more than half will be under water if US crude falls below $55. The high-cost producers in the Permian basin will be the first to “feel the pain” and may soon have to cut back on production.
Via victorhanson.com
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The world is changing and becoming even more dangerous — in a way we’ve seen before.
In the decade before World War I, the near-hundred-year European peace that had followed the fall of Napoleon was taken for granted. Yet it abruptly imploded in 1914. Prior little wars in the Balkans had seemed to predict a much larger one on the horizon — and were ignored.
The exhausted Austro-Hungarian and Ottoman empires were spent forces unable to control nationalist movements in their provinces. The British Empire was fading. Imperial Germany was rising. Czarist Russia was beset with revolutionary rebellion. As power shifted, decline for some nations seemed like opportunity for others.
The same was true in 1939. The tragedy of the Versailles Treaty of 1919 was not that it had been too harsh. In fact, it was far milder than the terms Germany had imposed on a defeated Russia in 1918 or the requirements it had planned for France in 1914.
Instead, Versailles combined the worst of both worlds: harsh language without any means of enforcement.
The subsequent appeasement of Britain and France, the isolationism of the United States, and the collaboration of the Soviet Union with Nazi Germany green-lighted Hitler’s aggression — and another world war.
We are entering a similarly dangerous interlude. Collapsing oil prices — a good thing for most of the world — will make troublemakers like oil-exporting Iran and Russia take even more risks.
Source: http://ppsimmons.blogspot.com/2014/12/crude-to-hit-magic-war-number-says.html
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