With OPEC targeting $100/barrel oil as OPEC oil ministers gathered last week for a meeting in Cairo, 2011 may see oil challenge the $148/barrel all-time high reached in July 2008.
“No amount of spin will win the Obama administration gains in public approval if gasoline tops $4 per gallon or threatens to reach $5 per gallon,” Corsi wrote.
OPEC members Iran, Venezuela and Libya have weighed in favor of the $100/barrel target, rejecting Saudi Arabia’s preference for prices centered at the $75 level, the level that oil has traded above since September.
The end of 2010 has seen oil prices climb above $90/barrel, as Red Alert predicted at the end of the third quarter 2010.
Earlier in December, the Obama administration reversed policy, announcing a ban on offshore drilling in the eastern Gulf of Mexico and off the Atlantic coast that is expected to continue for at least seven more years.
Ironically, in March, less than one month before the BP Deepwater Horizon oil rig disaster in the Gulf, Obama and Interior Secretary Ken Salazar had promised to open up the eastern Gulf and parts of the Atlantic coast to offshore oil and natural gas exploration.
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