Posted on 03/03/2005 9:35:57 AM PST by JeffersonRepublic.com
KUWAIT CITY (AFP) - Prices of crude oil could surge to as high as 80 dollars a barrel within the next two years but such a level would not last long, OPEC (news - web sites)'s acting secretary general was quoted as saying.
"I can affirm that the price of a barrel of crude oil rising to 80 dollars in the near future is a weak possibility," Adnan Shehab-Eldin told Kuwait's Al-Qabas newspaper.
"But I cannot rule out (the possibility) of oil prices rising to 80 dollars a barrel within the next two years," he said on Thursday.
"If the oil price rises to this level for one reason or another -- for example, interruption of supplies from a producing nation by one to two million barrels a day -- it is not expected to continue for long," he said.
Shehab-Eldin said a price rise to between 50-60 dollars a barrel for a period of two years or more will inevitably boost investments to increase supplies and lead to a drop in demand, eventually reducing prices.
World oil prices were mixed Thursday after reaching four-month highs in New York and London the previous day amid a rise in US crude stocks and jitters over increased global demand.
(Excerpt) Read more at news.yahoo.com ...
Holtz JeffersonRepublic.com
A gallon of Milk to be $30.00 per gallon?
But keep driving your HUMMERS......
Bottled water is $200.00 per barrel!
Isn't there already a nascent thread on this topic?
Flu shot $10,000 dollars?
Wild Turkey 101 is $3,000.00 a barrel. Flu shots' win so far. What about expensive colognes.
Ya think maybe we should have a NAFTA type agreement with them then they will buy something from us. If that doesn't work, we can always bomb Saudi Arabia.
I'm waiting for the Peak Oil guy to show up and explain that we are a few months away from exhausting the Earth's oil supply.
?
Hot Sweat,.....$1.00 a truck load.
They don't say that. It's a little more subtle.
"Hi, Sheik! Can you say 'ANWR'? That's right, 'ANWR'. Fine. Now go drink your oil." - President Bush in two years.
These greedy SOBs will kill the goose that laid their golden eggs. When oil gets to $60, other forms of energy will be just as economical and will replace the dirty fossil fuels. Nuclear is much cheaper than that and definitely ought to take care of heating and electrical production.
Why don't eviros go after SEMI Trucks? They use far more fuel than a Hummer and are also on the road 24-7.
The State of Alaska a couple years ago offered offshore drilling leases that could tap ANWR. No takers. The offer has been renewed.
lol
When was the last nuclear power plant built? Are there any in the works now?
You would prefer we ride bicycles in the middle of the winter? There are few Hummers on the road. What I do see are lots of small SUVs and cars. And when I say lots of them I mean lots of them. The problem is volume not size. Add to that the development of 3rd world countries like China and the terror premium of $10-$20 a barrel and we get $50-$60 a barrel.
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