Oil prices could hit 80 dollars in next two years: OPEC

[gmsickofan]

Oil prices could hit 80 dollars in next two years: OPEC
3-3-2005

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'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.

New York's main contract, light sweet crude for delivery in April, fell 20 cents to 52.85 dollars a barrel in electronic dealing.

It had jumped 1.37 dollars to close at 53.05 dollars a barrel on Wednesday, the highest close since October 26.

In London on Thursday, the price of Brent North Sea crude oil for delivery in April gained 18 cents to 51.40 dollars a barrel.

Shehab-Eldin said it was in the interest of OPEC and other countries not to see "big and surprising spikes in oil prices, but a gradual balance."

http://news.yahoo.com/news?tmpl=stor...e_050303134221

[free_energy0]

Silver lining: fewer SUVs

[AdmiralViscen]

There is no silver lining for a doubling of gas prices coupled with a reduction in consumer choice.

[goblue]

Hmmm, makes you think GM better get the 6 speeds, DOD on everything, BAS, mild hybrids and whatever else gives good mileage on SUVs right quick.

And for the record, and this is just my opinion, I do wish that more lightweight car based crossovers and wagons were on the roads rather than suburbans and expeditions doing soccer mom duty. If you have a 7000lb boat then great - I do support these vehicles being available, but I also do support things that make them unpopular. I do not support regulation, or increasing CAFE, or government measures to do it - but I do feel the roads would be a better place with less SUVs and trucks. Even if its to GM's disadvantage.

[gmsickofan]

So funny that the introduction of Hybrids brings double the price of oil.

I smell profiteering.

(I know it's not that simple)

[sncrducrx]

Nah The Weak Dollar, and Failure to Draw on the Strategic reserve brings Higher gasoline prices. It only goes to 80 a barrel if the U.S. administration chooses to have it go that way.

[free_energy0]

Originally Posted by AdmiralViscen

There is no silver lining for a doubling of gas prices coupled with a reduction in consumer choice.

Not less consumer choice, just differant. Try more small cars,and fewer large SUVs.

[Ming]

Originally Posted by free_energy0

Not less consumer choice, just differant. Try more small cars,and fewer large SUVs.

And end up paying the same price at the pump. So much for the promise of saving green with hybrids - they'll just keep the status quo.

[AdmiralViscen]

Originally Posted by free_energy0

Not less consumer choice, just differant. Try more small cars,and fewer large SUVs.

When you are telling people what type of vehicle they SHOULD be "trying," you are limiting their choice. You want a small car? Buy one. I'll get whatever the **************** I want.

[Cortazzo]

Gas prices have creeped back up to 1.90 for regular. I will def. buy a more efficient vehicle to replace my Jimmy in the next year or two. I miss the 99 cent days, what, 5 years ago?

[roooo]

Soon as the "food for oil" program kicks in we should have plenty of oil or thats what they said Hmmm

[86fleet]

remember in the 70s when they said gas would cost $5 a gallon? Well, after 30 years of inflation, gas is still about $3 away from that. So for now we are safe, but I hope the hydrogen economy isn't just hype, or else the 20 or 30 years from now things are going to really suck.

[vdoh182]

I wish gas in CT was 1.90, its 2.23 for regualr on a good day, it was 2.35/2.45/2.55 for a week a couple months ago, there is a lot of station markup it think tho b/c some have lower prices than others even though they r the same company, but the cheap ones r st illa jip anda pain in the as$ to get to.
Lets drill alaska, we need gas, but im still for developing cleaner stuf fliek hydrogen or even ethanol, there is 10% ethanol on gas already.

[Smaart Aas Saabr]

The problem today is overspeculation. Everyone thinks there is no oil, so the demand has outstripped the supply. You can't just speed up an oil field. It can only go so fast, otherwise it will be damaged.

There is more then enough oil being produced today for $1.50 a gallon. But there is too much speculation on the market.

[Globalist]

Originally Posted by 86fleet

remember in the 70s when they said gas would cost $5 a gallon? Well, after 30 years of inflation, gas is still about $3 away from that. So for now we are safe, but I hope the hydrogen economy isn't just hype, or else the 20 or 30 years from now things are going to really suck.

Surprisingly, it's one of the rare products (if not the only one) that inflation ignored worldwide and for decades