Comment on the Ups (and Past and Future Downs) of the Oil Price
Article from: OGEL Archive issue , in Economic and Commercial Context for Oil, Gas and Energy Law
Introduction
Crude oil has been rising to levels over 35 US$ per barrel from the very low prices of early 1999 - close to 10 $. In real, inflation-adjusted terms, this leaves it still at a third of the prices prevailing during the peak of 1981. This trend has been accelerated currently by short-term influences market factors. Who could have forecast such price evolution by January 1999, when crude prices were collapsing, following the series of financial crises in Asia, Russia and Brazil? The current oil price surge has been breaking once again every "crystal ball" and mathematical ...