Will oil strike $380 a barrel by 2015? - (disturbing report on Al Jazeera.com)

AL JAZEERA.COM ^ | APRIL 22, 2005 | Adam Porter in Perpignan, France

[CHARLITE]

Well, if this is true, then we'll be the country where everyone rides bikes.........and China will be the new SUV gas guzzling nation.

[Salvey]

I hope that, by then, we'll have developed a cheaper, alternative, home-made energy source, leaving the arabs to use their oil as salad dressing.

[robertpaulsen]

Reminds me of a similar headline about a 20,000 Dow about five years ago.

And while waiting for it, I lost 60% of my retirement savings.

[nothingnew]

Hi Char...

then we'll be the country where everyone rides bikes.........

Not me...I'm gonna get a horse from my friend Mac.

FMCDH(BITS)

[CHARLITE]

Here's another one from Al Jazeera, which was posted on FR last week. It is a good companion piece to this report.

"Bank says Saudi's top field in decline"

http://www.freerepublic.com/focus/f-news/1382152/posts

[EBH]

Necessity it the Mother of Invention

[The Duke]

An increase in the price of oil is equivalent to an increase in the distance between cities and countries. As far as I'm concerned it can go as high as it likes - because I can't be far enough from the folks at Al Jazeera (and elsewhere).

[varon]

At today's $50 per barrel and $2.40 per gallon at the pump, who will be able to afford the $380 per barrel and $18.24 per gallon at the pump?

$273.60 for a 15 gallon fill-up? Don't think so.

[SengirV]

What BS. There are other ways to get oil from shales, coal supplies, and other sources that become viable when a barrel hits well below that price. Once other sources come into play, the price of a barrel will not continue to skyrocket like that.

[Betaille]

$380 a barrel is NOT going to happen. Whoever wrote this needs to learn a little bit about economics, especially the economics of oil. Higher prices cause reductions in demand. At double current prices alternative sources would become far more practical. Oil may indeed be more expensive in the future, but not anywhere near what the author is saying.

[Allegra]

Al-Jazeera? French investment bank?

Sources extremely lacking in credibility.

The oil and gas market has always been volatile and is still too unpredictable to make assumptions such as this.

Move along, folks....nothing to see here. ;-)

[joshhiggins]

Bookmarking to re read in ten years.

[JoeV1]

Dumbest thing I've ever heard. If $50 bbl crude = $2.00 per gal gasoline then it follows that $380 bbl crude would necessitate gasoline selling at $15.00 per gal. Crude at $380 bbl will effectively crash every economy on the planet. People will spend their money on the bare bones necessities and little else. With consumer demand in the toilet, mfg world wide soon follows as does demand for crude.

Result is crude at $10 bbl or even lower. The market place will effectively deal with this sort of a spike.

[JoeV1]

What BS. There are other ways to get oil from shales, coal supplies, and other sources that become viable when a barrel hits well below that price. Once other sources come into play, the price of a barrel will not continue to skyrocket like that.

My understanding is that shale oil extraction is profitable at crude prices of $50.00 bbl. Since we have the largest supply of shale crude (around 200 years supply)it doesn't seem likely crude will stay to far above $50 bbl for to very long.

[HereInTheHeartland]

"A report prepared by energy economists at the French investment bank Ixis-CI"
Does anyone think that a report like this might have a relationship to their companies positions in the market.?
Go long on oil and have wildly bullish report prepared by your own people.
The market will cure the price of oil. We do need alternatives, hopefully the free market will develop those alternatives.

[Age of Reason]

Reminds me of a similar headline about a 20,000 Dow about five years ago.

And while waiting for it, I lost 60% of my retirement savings

And I see your ready to bet wrongly again.

[ex-Texan]

What is the answer? Sell your SUV and get a old used VW? Support GWB's program to develop hydrogen power? Barbara Boxer's demand for a Congressional investigation of oil companies is gaining support from the Democrats

More Reports Here

[LibWhacker]

If oil hits $380 we'll have a lot more to worry about than the price of oil.

[Woodworker]

Oil is currently priced in dollars. If the dollar falls relative to other world currencies, then maybe $380 a barrel isn't so outlandish.

[eleni121]

We need a response to the oil terrorists by implementing a national energy mobilization similar to the response to Sputnik in the fifties. Satellite solar energy production, opening up Alaska/Siberia full blast, wind, solar, here on earth, hydrogen and Mazola oil...tax credits/deductions for conservation and all above...anything and everything to break the back of the sand devils sending them back to the tents.