$90 Oil By Christmas

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published

Many Americans will be asking for a gallon of gas in their stockings this year. Oil hit $83 a barrel yesterday. Storms in the Gulf again.

And, storms in the Middle East, Nigeria, and Venezuela. Tight supply out of OPEC. And, China sucking up oil like a vacuum.

Oil bears want Wall St. to believe that prices are rising because hedge funds are putting money into oil futures and because the dollar is weak  But, oil is rising because the world is beginning to run out of the black gold. There is no reason for the Saudis or the oil companies to increase supply even if they could. It is not good for business.

The government of Dubai is going around picking up everything from a big piece of the Nasdaq (NDAQ) to commercial real estate.

With the price of oil likely to move to $90 as the winter sets in for the Northern Hemisphere, Dubai may end up owning a lot more assets in the free world.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
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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