Many feel the price of oil will keep going up. There is the potential, according to some chartists, that we could see it hit $230 in 2023. Is this really going to happen?
In this video we discuss the impact if that were to happen. We can never underestimate the potential of markets. Commodities are on a bull run and these can go on for a while.
However, if oil gets to that level, it will hammer the global economy. My theory basically revolves around what the economy can handle.
▶️ 3Speak
The markets might go crazy artificially or not, but I think that all the negatives might get to the surface with some positives like a faster adoption of electric cars or other alternative solutions. I would say people already moved to this direction and that should provide some relief on the price, but not sure if fast enough.
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The problem with the adoption of EVs is the fact there will not be enough made. How many might there be built in 2023 if the price of oil goes up? There will still be less than 10 million (out of the 80 million or so sold globally each year).
It is an industry that is production constrained.
Also keep in mind that Russia is also a big supplier of materials that go into batteries.
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$230 per barrel of oil seems to be a somewhat exaggerated estimated price, but that should greatly affect the world economy since some countries will not have enough to buy it.
Never can guess what markets will do. They can go insane and far exceed what people believe to be possible.
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That is true, but for me everything will depend on whether the Russia-Ukraine war continues and what position the great world powers will take in the future.
I think the war is a distraction. There are a lot of other things going on that they cover up with this. The EU's management of monetary policy was awful for the last 15 years.
Now they can blame the war for their woes.
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Correct, the war can be the perfect excuse for them to try to wash their hands of the failures they have had in recent years.
I hope it won't happen as a war going on it looks like it will happen
Your theory is correct or not we can see in 2023 later. If true, this article can be reviewed later.
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BEER.I don't think oil will go up that high either because it will just push people to look for other energy alternatives. At the same time, the prices just affect way too many things in our daily lives. Higher oil prices = higher delivery costs = higher cost at the store.
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