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Oil rises to $110. Goldman Sachs says we’ll be in the triple digits for years (www.cnn.com)

submitted 21 hours ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Oil prices rose Friday as energy infrastructure in the Middle East was damaged and the vital Strait of Hormuz was still largely shut.

Goldman Sachs even suggested that higher prices could last all the way through 2027.

Brent crude, the global oil benchmark, rose 1.4% to $110.2 a barrel. WTI, the US benchmark, was up 0.3% at $95.9.

“The persistence of several prior large supply shocks underscores the risk that oil prices may stay above $100 for longer in risk scenarios with lengthier disruptions and large persistent supply losses,” Goldman analysts wrote in a note Thursday.

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[–] pedz@lemmy.ca 2 points 12 hours ago (1 children)

I worked as a clerk in a gas station 20 years ago. People were complaining when prices went over $1 per litre. Now it's around $1.70 a litre and people just keep buying it while still complaining.

I know 3 person that changed their car last year. They all went with gas engines. And theg complain that the price of gas is too high. Meanwhile some other regions of the world already pay more than $2 per litre, and they also just continue to buy it and complain.

In the 70ies there was also a peak like this and for a while, people did buy smaller cars and started to be more sensible, but the prices eventually went back down, and most people went back to gas guzzlers while complaining about prices.

If economics are supposed to push people to change, apparently the prices are still not high enough. This shit is like cocain.

[–] Alchalide@lemmy.world 1 points 4 hours ago

€2.25 per liter is what I payed yesterday.