Are Triple Digit Oil Prices In Your Future?

Are Triple Digit Oil Prices In Your Future?

Share to Linkedin Jeff Currie at Goldman Sachs made headlines recently predicting higher commodity prices for 2023, including "'Does anyone remember what happened to oil prices from January of '07 to July of '08?' Currie said. 'The Fed takes their foot off the brake, China puts the pedal to the metal, Europe starts to grow quickly' and oil prices rose by $100 a barrel, he said." He doesn't seem to be predicting a $100 per barrel increase this time around, but he has suggested $110 could be the price by the third quarter. Currie has a reputation as an oil price bull, although I haven't analyzed his past predictions to see if it is earned. (My own predictions show a bearish bias, as many have leapt to point out.) And I don't have access to his research beyond what has appeared in the all—too—summary news items. Still, it is worth considering the drivers that would take us to triple digits—or not. An old economist joke (from Edgar Fiedler, according to Adam Sieminski) is 'predict a price or a date but never both' which is certainly apt. Almost any price will occur sometime and you can then point to having been