"With WTI oil prices on-track to average about $57 a barrel in 2005, we think the past phase will be remembered as the first of what could be a four-to-five-year 'super-spike' phase," their report said.
peaknik note: In a couple of years, I can visualize Goldman Sachs stating that we will be going through a "super, SUPER-spike phase" from about 2010 to, uh, maybe forever???
The analysts said oil demand remained resilient and supply growth lackluster, prompting them to keep their average U.S. crude price forecast for next year unchanged at $68 a barrel.
"Ultimately, we agree that the energy bull market will roll over once demand destruction really begins," it said. "We simply do not believe we have arrived at that point."
peaknik note: Oh, so I guess this means the price will only go down when people can't afford it anymore? Do I have that correct?