[WhiteGuy]

"The resulting economic shocks will rival those of the 1970s, as oil prices "could double and treble within 2 or 3 years as the world changes from oil abundance to oil scarcity. The world is facing a future of major oil price increases, which will occur sooner than many people believe," that report concluded."

Boy.......who ever controls all that oil in iraq and saudi arabia sure is going to clean up in the next 5 years.....

[ginle]

"Boy.......who ever controls all that oil in iraq and saudi arabia sure is going to clean up in the next 5 years....."

Nice WhiteGuy, this 'Oh the damn Saudis have upset us, lets not talk to them for a while' attitude is as about as wrong as it gets.

However this price rise of 2 to 3 times is probably an exageration, I read a oil site a while ago and there was a rule of thumb, 'for every 1% drop in the supply of oil the price rises 10%'. I'm guessing that for the price to double there would have to be a shortfall of between 5 - 10 million barrels per day between supply and demand, which probably is not going to happen in the immediate future.