But at least someone else agrees. From the Korean Times, as reported by PennEnergy:
But what if and more realistically so, there was to be a drawn-out civil war in Libya? Will the Saudi oil industry, already under duress to maintain supply at the present level, be able to withstand the pressure and continue pumping an extra two million barrels per day into the world market? Are its oil supplies going to last through long-term disruptions? Hard facts are pointing to the opposite direction, as oil prices will more than probably surpass their 2008 summer figures.This is an excellent article. The source is interesting: Korean Times. It was interesting what was not mentioned: the Japanese nuclear disaster. Just one more reason that part of the world is going to be more dependent on fossil fuel.
OPEC countries are already producing at full capacity, thus the apparent surplus available there is on paper only. Last year, for the first time in its five decades history, OPEC itself has quietly raised its worldwide demand estimate three times.Those demand estimates were made before the nuclear disaster.
The writer concludes that $200 oil is not out of the question.
iT COST'S $15.53 PER BARREL OF OIL TO DRILL A WELL, AND THE ROYALTY OWNERS ARE GETTING $1.2O PLUS 18.5% OF $80. OR $16.50. ...TOTAL $32.02.
ReplyDeleteTO GET THE OIL OUT OF THE GROUND.
NICE DEAL.
Oversupply of is the not correct solution do down the oil prices and also it is only a temporary solution not for a long time so we need to develop other resources to bring the oil prices down for a long time and also if we use less oil that means if we used to go to our offices by using bikes not using cars and especially if we use electric bikes and electric cars then we down oil prices for a long time and also we can control pollution will also bring good effect on nature.
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