Costly commodities spark global change
bbcnews: Oil, gas, gold, copper, platinum - 2005 was the year of high commoditiy prices. Now the world is realising that the era of cheap oil and other raw materials is over.
Easy access to oil and gas has become a thing of the past
The financial markets reflect the harsh reality of increasingly scarce resources.
Brent Crude currently trades close to $60 a barrel, up from about $40 a barrel in early January, and from about $25-30 a barrel 18 months ago.
Other commodity prices have also soared, in part because of rising industrial demand from manufacturers, though also due to strong interest from investment funds.
And the boom is far from over.
"We have significantly increased our short-term and long-term commodity price forecasts to reflect our expectation of sustained tight markets and ongoing deficits in 2006," observes investment bank Morgan Stanley in a recent report. Read more
Easy access to oil and gas has become a thing of the past
The financial markets reflect the harsh reality of increasingly scarce resources.
Brent Crude currently trades close to $60 a barrel, up from about $40 a barrel in early January, and from about $25-30 a barrel 18 months ago.
Other commodity prices have also soared, in part because of rising industrial demand from manufacturers, though also due to strong interest from investment funds.
And the boom is far from over.
"We have significantly increased our short-term and long-term commodity price forecasts to reflect our expectation of sustained tight markets and ongoing deficits in 2006," observes investment bank Morgan Stanley in a recent report. Read more
posted by exoplanet at 10:30 AM
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