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

submitted 1 week 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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[–] blarghly@lemmy.world 1 points 1 week ago

If economics are supposed to push people to change, apparently the prices are still not high enough

Yes. In parts of the world where the cost of gas is actually significant compared to the typical wage, we see a lot more use of small engine vehicles like motorcycles and scooters - and these places are electrifying far more quickly as well, since the people have a real economic incentive to.