Oil may average $84 a barrel next year,
$93 in 2007, and $100 in the fourth quarter of 2007, as demand outpaces
supply, Canadian Imperial Bank of Commerce’s chief economist said,
jumping ahead of other analysts who are trying to catch up with surging
prices.
Rising consumption in China is
straining supplies, and damage from Hurricane Katrina to Gulf of Mexico
facilities will delay new oil projects in addition to cutting output
now.
$93 in 2007, and $100 in the fourth quarter of 2007, as demand outpaces
supply, Canadian Imperial Bank of Commerce’s chief economist said,
jumping ahead of other analysts who are trying to catch up with surging
prices.
Rising consumption in China is
straining supplies, and damage from Hurricane Katrina to Gulf of Mexico
facilities will delay new oil projects in addition to cutting output
now.
In a sign of the times, there’s a car lot nearby us that sells
repossessed cars only. They display several in the showroom windows,
and they are generally big SUVs and Hummers.