For more than a year now, oil industry insiders have been predicting a return to $100 per barrel. I’ve reported on three earlier predictions here:
Is a third forecast that Scotland’s oil will hit $100 per barrel again, a sure sign?
Second prediction that Scottish oil may rise beyond $70 per barrel to as much as $100 per barrel and that demand will grow over the next ten years.
A fourth prediction of the same arrived today from the Bank of America via CNN:
‘The bank’s analysts wrote Thursday that collapsing oil production in Venezuela and potential export disruptions in Iran could push the price of Brent crude as high as $100 per barrel in 2019….Another factor that’s helping to reduce supply is an agreement between OPEC and other major producers including Russia to slash output. The deal is set to expire at the end of 2018, but the Bank of America analysts said that OPEC and Russia are likely to continue working together to prevent prices from falling. At the same time, the analysts said the global economy is growing at a healthy pace and supporting higher demand for oil. The extra demand is helping to wipe out an oil glut that has plagued markets.’
Try googling ‘BBC $100’ and find everything from Lance Armstrong’s $100m lawsuit to Rory McIlroy’s latest $100m sponsorship deal but no mention of oil. Prices. Given that these reports of $100 per barrel have all come from the kind of sources normally trusted by the BBC, such as oil industry CEO’s and finance companies, its taken some doing by business correspondents, such as BBC Scotland’s Douglas Fraser to miss them all. I don’t think he’s following me or it.
Hush now John! Its a secret.
Jackie and Douglas want to keep it as a surprise—maybe for the next thirty years. They don’t want Scots upset with the huge burden of high oil prices.
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And, of course, it is a burden, because as Johan Lamont said, “We Scots are not genetically programmed to run our own affairs.” So, we really have to continue the Westminster definition of fairness: “What’s theirs is theirs and what’s ours is negotiable.” We have those bastions od fairness the Guardian and the New Statesman, echoing Ms Sarah Smith’s comments about the Power Grab. Mr Chris Deerin has explained it all to the ‘progressives’ of London – it’s all that Nicola Sturgeon’s nebbiness and the fact that Labour, Greens and LibDems, including Jeremy Corbyn all recognise a power grab is unmentioned. But, then, at the 2017 General Election the New Statesman, being unable to endorse a Corbyn-led Labour, but, stopping short of endorsing the Tories wrote of Mrs May’s “splendid redistributive instincts”. Yes, austerity IS abut redistribution – from the majority to the already very wealthy.
Where is the 21st Century Robert Tressell?
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Don’t say Jackie and Douglas. I don’t like to think of them together. Together? Oh no….whoooooop!
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Wales Correspondent alert: The Welsh Govt.finally acquiesced in the face of Westminster power-playing in the Consent Motion power-grab – now Westminster have what they wanted we can see a demonstration of Westminster’s continuing ‘love-bombing’ (another good reminder for any ‘wavering’ Scots: (from beeb Wales website):
Brexit: Hold-up for Welsh EU regional representatives
By James Williams BBC Wales Brexit correspondent
Wales has not been represented on an EU body for six months because of a hold-up in the registration process.
Three of the four nominees to represent Wales on the Committee of the Regions are awaiting UK government approval after being nominated in November.
One of them, AM Mick Antoniw, said Welsh politicians had “missed a big opportunity” to develop post-Brexit relationships with European partners.
The UK Government said nominations were being reviewed.
Welsh Government Finance Secretary Mark Drakeford wrote to the UK Government’s Brexit Minister Lord Callanan at the start of May asking why there has been the delay.
A spokesman said the Welsh Government was pressing the UK Government “to resolve this as soon as possible”.
A UK Government spokesman said: “Nominations are currently being reviewed and we expect the process to be completed soon, enabling the new members to start contributing to the work of the committee and building up relationships with EU colleagues prior to the July plenary [meeting].”