Posted on 08/08/2008 10:43:37 AM PDT by kellynla
Only a collapse in the global demand for oil can save economies from a supply crisis and crude prices reaching more than $200 a barrel, according to a report out today.
Energy expert Paul Stevens says that governments and companies are investing too little to meet future needs and a "supply crunch" will hit within "five to 10 years."
His report, for the Chatham House think tank, dispels hopes that the recent 20pc fall in the oil price from its $147.27 peak might herald a return to more manageable levels. "A spike of over $200 is possible," Mr Stevens concludes.
(Excerpt) Read more at telegraph.co.uk ...
My tires are properly inflated, problem solved.
All I can say to that is drill, drill, drill!
Ok Nancy, save the world, drill.
Will CNN report that this is good news?
Only way to avoid a supply crisis is to increase supply.
Drill Here! Drill Now!
SanFranNan? You listening? Libtard DhimmiRat...
“Supply Gap Could Mean Oil Hits $200 a Barrel “
This is actually news that Obama and company love to hear.
We have stunning amounts of oil. Just drill for it.
We have so much oil that we could control the price. Think about oil at reasonable prices and a corresponding boom in the world economy.
As this is being printed, the oil has dropped another 4 dollars a barrel. Could this be another scare tactic to increase it again? Those silly libs are just atrocious!
Hedge funds are bailing right now because the bubble has burst, as I (ahem) predicted three months ago. It was never a speculative frenzy in the purest sense, although speculation was certainly part of it. The oil bubble of the spring and summer resulted from (1) rapidly escalating demand at a time when (2) the US dollar was being allowed to dramatically weaken, and (3) when there was absolutely no possibility (perceived) of the US allowing more exploration or refinery development. All three of those conditions have now changed, and the smart money has switched sides.
‘Only way to avoid a supply crisis is to increase supply’
For the short term, meaning NOW! But another way is to develope COMPETING fuels. (Synthetics are still 3 years away. see RENTEC, Inc.)
Our founding fathers are rolling over in their graves while we are on our knees begging congress’ permission to drill.
Ronald Reagan said we could loose our freedom in a generation.
U.S.A., U.S.A.!!!
What is it with these guys? As long as there are potential alternatives there is an upward limit. If history repeats itself, and there’s no reason it won’t, we’re looking at two years of falling demand for gasoline in this country.
As far as India and China, if American consumers are cutting back on buying, they’re not making as much and they’re not going to be spiking demand like the experts claim.
Along with that throw in a bunch of coal to oil conversion plants, albeit small output currently; continued massive development of Canadian oil sands and the very real possibility of adding upwards of twenty new nuclear power plants within the next ten years and I don’t think oil prices are going to the moon. We’ll see another spike after Israel hammers Iran But the end of the summer driving season is coming up fast and that will knock prices down.
Agreed. This has to be viewed as an attempt to support current oil prices(or at least slow the descent.
Note the 7-8-08 Date on the story. A month later the Bubble has burst.
“Synthetics are still 3 years away. see RENTEC, Inc”
the USAF is already using synthetic jet fuel
“ The United States Air Force has ordered that all of its aircraft be certified to use GTL fuels by 2010 and has recently announced plans to source at least 70% of its jet fuel from GTL by the year 2025.”
http://thomko.squarespace.com/journal/2008/2/5/synthetic-jet-fuel-gtl.html
Yesterday, I also posted a Rentech press release.
Rentech Successfully Produces Ultra Clean Synthetic Fuels at Colorado Facility
http://www.freerepublic.com/focus/f-news/2058293/posts
These guys are always, always, wrong.
actually that’s a Brit date...day/month/year
yesterday’s article
Crude Oil... 115.38... -4.64 (as of 10 minutes ago)
“These guys are always, always, wrong.”
That’s the reason they write articles instead of trading the Markets. LOL
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