Oil Jumps Above $80: Cold Weather And Overheating Economies
Oil prices are back above $80. This time the rise is blamed on cold weather in the Northern Hemisphere. Weather forecasters predict that the winter of 2010 may be especially cold. Global warming in reverse. Oil prices may not drop…
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Oil prices may not drop back toward $70 as the spring thaw begins in March and April. The quick improvement in GDP growth in India and China may prevent that.
China’s GDP will grow over 10% next year and India’s by 8% or better. Recent data on manufacturing in China shows that the sector is recovering so quickly that China will need more crude for transportation of goods from factories to the coast and for the petrochemicals used in many manufacturing facilities. The global demand for crude could rise more rapidly than was expected just a few months ago.
The cold will move oil prices higher. The economy will keep crude moving up after that
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.