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Oil rises to $110. Goldman Sachs says we’ll be in the triple digits for years

https://lemmy.world/post/44510476

Oil rises to $110. Goldman Sachs says we’ll be in the triple digits for years - Lemmy.World

Oil prices rose Friday as energy infrastructure in the Middle East was damaged and the vital Strait of Hormuz was still largely shut. Goldman Sachs even suggested that higher prices could last all the way through 2027. Brent crude, the global oil benchmark, rose 1.4% to $110.2 a barrel. WTI, the US benchmark, was up 0.3% at $95.9. “The persistence of several prior large supply shocks underscores the risk that oil prices may stay above $100 for longer in risk scenarios with lengthier disruptions and large persistent supply losses,” Goldman analysts wrote in a note Thursday.

Mar 20 at 1:30pmWeb
Show threadpedzMar 20

As someone that hates the fact that we didn’t transition to renewable energy, I’m glad they’re going up. I don’t personally buy gas/petrol and I rarely buy fossil fuel in general. But as someone that has to eat, this is not going to be good.

Unfortunately we prefer to rely on cheap oil by bombing and invading other countries, sometimes killing a few thousand or a few hundred thousand in the process. But this is just collateral damage.

I can only hope this will push the world to a rapid transition to renewable energy, but it’s more likely that people will just pay more while bitching and whining that the price of gas is too damn high.

Show threadScoffingLizardMar 21
So glad Trump halted the wind farm development for his shitty oil buddies.
Show threadWolfmanEightySixMar 20
I don’t understand …Trump said he’d bring the oil price down.
Show threadcrank0271Mar 20
So said “The Peace President”
Show threadAgent641Mar 22
Not my first go-around