Blackstone CEO Stephen Schwarzman told a conference in Saudi Arabia that the energy squeeze will trigger social unrest. Larry Fink, the CEO of BlackRock, the world’s biggest asset manager, agreed, adding that it is likely that oil will hit US$100 a barrel by the end of the year.
“We’re going to end up with a real shortage of energy,” Schwarzman said. “And when you have a shortage it’s just going to cost more and it’s probably going to cost a lot more. And when that happens you’re going to get very unhappy people around the world, in the emerging markets in particular.”
