Goldman Sachs says $105 a barrel oil possible

[NNN0LHI]

Goldman Sachs Group Inc. says oil markets may have entered what it calls a “super spike” period, giving crude the potential to reach as high as $105 (U.S.) a barrel.

The New York brokerage boosted its estimate for a so-called “super spike” range to between $50 and $105 amid unexpected strength in oil demand and economic growth, especially in the United States and China. Previously the range had been $50 to $80.

The report prompted crude oil to extend earlier gains, jumping $1.41 cents to close at $55.40 a barrel on the New York Mercantile Exchange. Crude reached a record high of $57.60 on March 17.

http://www.theglobeandmail.com/servlet/story/RTGAM.20050331.wgoldman0331/BNStory/Business/

[The Magistrate]

1. That, My Friend

Is almost enough top cause me to revalue my view of gold.

It may be possible for that price to be reached; it is not possible for the economic life of the world to support that price being exacted....

[BrklynLiberal]

2. It is almost enough to get me to go put air in my bicycle tires.

[Maple]

3. The day will come

when you look back on $105 (U.S.) a barrel as the good old days of cheap oil.

[aquart]

4. Some oil guys gonna get sooooooooooooooo rich.

Wonder if we can sell them our children to pay off the gas bill?