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Oil rises to $110. Goldman Sachs says we’ll be in the triple digits for years (www.cnn.com)
submitted 7 months ago by 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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[–] 11 points 7 months ago

Green technologies and energy supply options are way more affordable and abundant today compared to the last oil fiaskos... many consumers and companies will start switching this time bringing demand down in the long run especially if supplies should stay reduced for a proplonged time.

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