Thursday June 23, 2005

Oil prices - The sky is the limit

peakoil.com -> guardian.co.uk :

... the underlying message is that higher oil prices are here to stay - and may rise to $100 a barrel, according to some forecasts. Even the normally bullish Lee Raymond, chief executive of ExxonMobil, the world's largest listed oil company, warned "it would take a few years to sort out where it'll all end". The US energy secretary also worries it will take many years for the sharp increases in demand, caused by growth in developing countries, to pass. Sadly, that is the optimistic scenario.

The pessimistic scenario is that the world is fast approaching "Hubbert's peak", the point at which the rate of global oil production begins to decline. In either case oil prices will keep rising ...

... Michael O'Leary, the ebullient head of Ryanair, hit one nail on the head when he told those concerned about climate change: "Sell your car and walk." That advice would have made Mr O'Leary a national villain in the United States, where the right to cheap gas is assumed to be a clause of the constitution. For one reason or another, the reign of oil must come to an end.

- reference links added in-line

(2005-06-23 22:25:54 SGT) [Energy] Permalink

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