Robbins Says Oil May Reach $100 Per Barrel

Friday, December 17, 2004

Bob Robbins, economics forecaster from Atlanta, said America has put too much reliance on foreign oil and continues to pay the price.

Mr. Robbins told the Civitan Club on Friday he would not be surprised if oil hits $100 per barrel.

He noted it is a finite resource, and said peak production is nearing.

"One of our biggest mistakes was putting our destiny economically and politically in the hands of Middle East oil producers," he said.

Mr. Robbins said the oil reliance has enriched leaders like Osama Bin Laden and Saddam Hussein and led to U.S. entanglement in Middle East wars.

He said the U.S. should not have retreated from nuclear energy, saying other countries are using it safely.

The speaker at the meeting at the Bessie Smith Hall said China is building a nuclear reactor designed in the U.S. that is touted as being "melt-down free."

Mr. Robbins said it takes 5-10 years to build a nuclear plant. He said even if the U.S. started building the plants now "we would still be behind the curve of when the peak of oil production hits."

He said oil prices have been between $10 and $40 a barrel, but he said the new range may be $40 to $100 a barrel.

As a result, he said oil stocks are a good investment. He also said technology stocks are in pretty good shape.

He said he does not expect interest rates to go much higher, saying the Federal Reserve will proceed cautiously. He said he does not believe inflation is a significant threat at this time.

Mr. Robbins is from Chattanooga and is the brother of Civitan member and former president Jim Robbins.

CBL & Associates Plans Mixed-Use Redevelopment At Cary Towne Center in Cary, N.C.

CBL & Associates Properties, Inc. on Monday announced future plans to transform Cary Towne Center in Cary, N.C., into a mixed-use destination. Last week’s announcement by IKEA of its proposal to build a store adjacent to Cary Towne Center provides a keystone attraction for the project and a catalyst for its redevelopment, said officials.  Over the last several months, ... (click for more)

GDOL To Help Roper Corporation Recruit In Fort Oglethorpe

The Georgia Department of Labor (GDOL) will help Roper Corporation recruit 100 assemblers to work in LaFayette. The recruitment will be held on  Friday, June 2 , from  1-3 p.m.  at the Fort Oglethorpe City Hall located at 500 City Hall Drive in LaFayette. GDOL staff will be on site to assist applicants. Due to U.S. Occupational Safety and Health Administration ... (click for more)

Erlanger Expects $5 Million Profit Despite "Very Challenging" Budget

Erlanger Health System officials said they expect a $5 million profit for the upcoming fiscal year despite a "very challenging" budget. Britt Tabor, chief financial officer, said there will be continued top line growth, which has brought a 51 percent rise in patient revenue over the past five years. "This is organic growth. It's not from mergers or acquisitions," Mr. Tabor ... (click for more)

Public Defender Says Another Entity Needs To Continue Funding For New Mental Health Court

Public Defender Steve Smith said another entity needs to take over funding the new Mental Health Court. He said Criminal Court Judge Don Poole has agreed to oversee the court and will make a budget presentation to the County Commission on May 31. Mr. Smith told members of the Pachyderm Club on Monday that he has been funding the program through the services of Anna Protano ... (click for more)

Tennessee Business Expansions On Rise Across State

In 2016, Tennessee was named State of the Year for Economic Development by Southern Business & Development Magazine based on project totals and the variety of industries that invested in the state and created jobs. To a great extent, Bradley and Polk Counties have benefited from that investment.   From February 2015 to February 2016, Cleveland/Bradley County led the ... (click for more)

Roy Exum: DeVos Changes Everything

I believe that from every point on my moral compass the state’s hijacking of five public schools in Hamilton County is wrong. I also believe I can argue with success from any direction on my compass against any of the proposals or terms that Commissioner Candice McQueen just threatened to impose on the county’s Department of Education. But today let’s go to ‘True North’ on my compass ... (click for more)