Page added on May 5, 2010
What a year 2010 is turning out to be. A frighteningly large oil slick forming in the Gulf of Mexico threatens the livelyhood of thousands of Americans, while last months Iceland volcano eruption comes back to life with it’s ash cloud chaos in Europe and then there’s Greece….
Today sees the beginning of a huge general strike in Greece in protest at public sector cuts as renewed scepticism over the chances of success of the Greek rescue plan, with the necessary cost cutting measures in Greece proving domestically unpopular.
So what’s in store for the rest of 2010? Well looking at the current events on the financial markets, it seems that all eyes are on the European bailout plan for Greece, leaving the US oil slick and the volcano chaos as just natural disasters of low importance.
Maybe you should stop and think about the implications of these so called “natural disasters” and how they could, and maybe will affect global commodity markets and oil prices in the medium term.
Yes, it’s bad enough for many people in Greece to face upto the fact that the country is broke and needs a huge financial haircut in order to see any light at the end of the tunnel, but what about Spain? Portugal? Italy? Ireland? Even the UK? Surely not the US???
A recipe for chaos in 2010, oil slicks and volcanos, or countries in too much debt to stay afloat…
Many oil experts believe that the biggest threat to global markets this year is in fact the US Gulf oil slick, which is ever growing in size. If the Deepwater Horizon oil well cannot be capped in a sufficient period of time then who knows where that will lead us all to?