Do you remember the days when oil was only $100? Although there has been speculation in recent days concerning the oil price, one of the most authoritative predictions so far has the price of crude oil at $200 within as little as six months.

The prediction by Goldman Sachs was made as benchmark US light crude passed the $123 mark for the first time.  Surging demand was increasingly likely to create a “super-spike” past $200 in six months-to-two years’ time, said Goldman Sachs.

Oil prices have now risen by 25% in the last four months and 400% since 2001.  Soaring global demand for oil is being led by China’s continuing economic boom and, to a lesser extent, by India’s rapid economic expansion.

Both are now increasingly competing with the US, the European Union and Japan for the lion’s share of global oil production.

Doesn’t bear thinking wher the oil price will be in five years time?

$500 a barrel… Don’t be silly, but you read it here first…