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Energy

Oil Races Toward $90

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
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China reported that its exports rose 18% in December over the same period last year. It also said that factory production was up 25% for the same time frame. The news has caused several economists to revise their GDP target for the world’s most populus nation to 11% for 2010.

The rise in production at Chinese factories will increase the need for petroleum-based chemicals. It will also cause transportation companies in the People’s Republic to add to their fleets and schedules to get manufactured products from factories in the center of the country to ports.

China may not be the only nation that will post a sharp increase in GDP this year. Indian economists expect GDP in the world’s second most populus nation to rise 7% to 8%. A number of experts believe that a rapid increase in exports will help US GDP to move higher quickly, An increase in federal taxes in 2011 may also move a great deal of economic activity into the second half of 2010.

Most new oil exploration has moved from land to the oceans and Arctic where untapped fields sit miles below the ocean’s surface. The cost to recovery oil from these depths is higher than it is to drill in the deserts of the Middle East or jungles of Nigeria.

Crude prices are rising again and the dynamics of future oil production and an improved global economy will cause those increases to continue well into the middle of this year.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

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.

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