OilPrice.com: $100 Oil Predictions Soar As Analysts Warn Of Supply Crisis
“Incredible demand,” inflation, and shareholder pressure on oil supermajors to drastically cut emissions could lead to an oil crisis within three years, with very high oil and gasoline prices, David Tawil, president of Maglan Capital, told Fox Business on Wednesday.
Tawil has been very bullish on oil for some time, and thinks that the prices could hit $100 per barrel soon.
In the near term, oil prices have more room to rise, both from inflationary standpoint but also from demand standpoint, he told Fox Business. Oil prices are set to rise “consistently and considerably now into the end of the year,” Tawil said.
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WNU Editor: It all comes down to the pandemic. If a fourth wave that is resistant to vaccines hits the world later this year, all bets are off. If the pandemic finally ends, and with surging demand for energy exploding worldwide, oil could easily reach $100, if not more.
The demand is there, but the supply is not. And with oil majors and western governments moving towards energy sources that are not carbon based .... this will only increase oil and gas prices.
To say that the geopolitical impact for $100/barrel for oil will be profound is an understatement, and the big winners will be Russia and Saudi Arabia.
As for countries like the U.S., Canada, and many governments in Europe. The governments in power are committed to breaking away from oil and gas. Their electoral base want these policies to be enacted, and they will do so regardless of the economic consequences.
