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| Global energy crunch could soon send oil prices to $100 & spur another economic crisis, Bank of America warns | Global energy crunch could soon send oil prices to $100 & spur another economic crisis, Bank of America warns |
| (17 days later) | |
| Oil prices are expected to hit $100 a barrel as early as this winter due to soaring prices for natural gas, along with an approaching cold-weather season that could even trigger the next economic crisis, Bank of America says. | Oil prices are expected to hit $100 a barrel as early as this winter due to soaring prices for natural gas, along with an approaching cold-weather season that could even trigger the next economic crisis, Bank of America says. |
| The possibility of soaring oil prices and high inflationary pressure could become the trigger for a global crisis, the analysts warned in a note carried by Bloomberg. | The possibility of soaring oil prices and high inflationary pressure could become the trigger for a global crisis, the analysts warned in a note carried by Bloomberg. |
| According to the multinational, gas-to-oil switching with record-high natural gas prices could cause additional oil demand. | According to the multinational, gas-to-oil switching with record-high natural gas prices could cause additional oil demand. |
| Moreover, energy demand is expected to grow due to a colder than usual winter, pushing prices even higher. At the same time, the reopening of international airline travel is also projected to boost demand for jet fuel. | Moreover, energy demand is expected to grow due to a colder than usual winter, pushing prices even higher. At the same time, the reopening of international airline travel is also projected to boost demand for jet fuel. |
| “If all these factors come together, oil prices could spike and lead to a second round of inflationary pressures around the world,” the analysts said, as quoted by the agency. | “If all these factors come together, oil prices could spike and lead to a second round of inflationary pressures around the world,” the analysts said, as quoted by the agency. |
| “Put differently, we may just be one storm away from the next macro hurricane.” | “Put differently, we may just be one storm away from the next macro hurricane.” |
| The banking major also said that underinvestment in commodities due to poor returns is also set to fuel higher oil prices in the longer-term. | The banking major also said that underinvestment in commodities due to poor returns is also set to fuel higher oil prices in the longer-term. |
| “A multiyear run up in crude oil prices is now in the cards,” Bank of America said. | “A multiyear run up in crude oil prices is now in the cards,” Bank of America said. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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