Posted on 03/23/2013 2:33:16 PM PDT by Laurent.w
Oil prices could rise to anywhere between $150 and $270 a barrel by 2020 as demand growth in emerging markets like India and China out paces expected supply, the OECD said Wednesday.
The report shows the central role that Asian oil demand will play in determining prices, even as the U.S. reduces its need for energy imports amid a surge in its unconventional hydrocarbons production. Earlier this week, the U.S. Department of Energy reported China overtook the U.S. as the world's largest net oil importer.
(Excerpt) Read more at 4-traders.com ...
There’s no need for the distractions and obfuscations. Due to globalism in business and politics for over three decades, east Asia and other countries will continue adding manufacturing, other production and hundreds of millions of new drivers. That’s the situation that we have to work with now.
And we (the West) will building a large manufacturing base again in the very near future and decreasing the current insane paradigm of commuting. The default process will take care of the contemporary tyranny of gossip and regulations against healthy behaviors. Deal with it. We’ll be making parts and products in every neighborhood, NIMBYs.
not while we’re getting record amounts at home.
...will be building, even.
using more and more natural gas instead of gasoline, will drive the price of oil down due to lessened demand on oil. we have a bright energy future if we can figure a way to get through this current mess
Keeping the supply down in order to please the muslim oil producers.
>I guess since he was pumping gas he must be an expert. :-)<
.
About as much of an expert as the likes of Cheney and Bush who were titled “oilmen” but didn’t spend one hour in a unit operations class.
Big Hat, no cows.
I am retired from the industry and the barrel cost I read off the gov report 2 years ago was $28 per barrel to the refinery. The frack scare is 98% BS started by lefty enviro-nuts (who are funded mainly by guess who? OPEC!), and who have since admitted it wasn’t actually true. We’ve been fracking for years with no serious environmental issues, besides a few isolated shady drillers dumping the slurry mud someplace they shouldn’t have, but that is rare and against the law. HAZMAT cradle to grave laws hold everyone accountable and requires written records. To not use the oil we have in the US is complete suicide to what’s left of our economy. It could drop the price of fuel by more than half and create thousands of new jobs in the US. Anyone who disagrees is just begging to put the final nail in the US working man’s coffin. Research the facts and learn the truth instead of repeating some made-up crap propaganda handed out by the lefties. God Bless America!
Thanks Laurent.w.
There are 3 reasons why oil is likely to stay very expensive.
- Thanks to asia, the world’s consumption of oil is still increasing, contrary to what we saw after the first oil crisis (1973) and after the second oil crisis (1979-1981).
- Outside the Middle East, new drillings are around 10 times more expensive than drillings in the Middle East.
In 2011, the marginal cost of oil production - the cost of production for the most expensive new fields - was $92.26 a barrel for the 50 largest listed oil and gas companies.
The most expensive oil fields essentially set the floor of oil prices, worldwide.
- OPECs share of world oil production has been rising since 1985.
The more oil is produced in the Middle East, the more expensive oil will be if there are tensions.
In 2011, the arab spring and tensions with iran caused the price of oil to rise by nearly $40 a barrel.
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