Thursday, 24 July 2008
More On The Oil Price
Top add to yesterday's points on the oil price, a couple more indicators that the turning point has been reached. A French company called CMTV is putting out sailing ships to carry cargo. And why not? Most cargo isn't in any great hurry. Ships were only using oil because it was cheap and easy. Meanwhile the FT reports that another 90bn barrels of oil lies waiting to be exploited in the Artic. Demand is coming down and supply going up - just as you might expect after a spike in the price. Soon prices will be coming down as well.