Oil prices on rise till 2010: expert

[cal04]

THE price of oil would continue to rise until world oil production peaks in 2010 with any weather or political disruption able to cause a spike in price, an oil expert said today.

The London-based editor of Petroleum Review, published by the UK's Energy Institute, Chris Skrebowski said in Perth that world production would peak about 94 million barrels of oil per day, up from present levels of between 85 million barrels and 86 million barrels per day.

The global community needed to develop new fuels or technologies by the time production peaks or there could be a disruption, he said.

"The sooner we can start mitigating the effect the better," he said.

http://www.theaustralian.news.com.au/story/0,20867,20199774-1702,00.html

[lvx35]

1. The big picture is SOOOO clear...

...its like a sign from God. Here's Al Gore, saying we have 10 years to act or irrersible damage will be done, here's petroleum experts saying we have 4 years until it peaks and maybe a few years after that before the shortages start to become dire. Its time for a major shift, and its got to start right now, before its too late!

[azurnoir]

2. What really floors me is when

conservatives state our ME policy is not about because we're paying more for gas then ever before.:wtf:

[TwentyFive]

3. Its the oil speculators. Its called pump and dump.

It's a supply and demand thing.

The price of oil is so high because speculators are competing with buyers in the market, driving the price up. They buy future production and sit on it because they think prices will rise. They hope for war and other instability to cause disruptions in supply...and they'll be ready to cash in. This article is just PR crap put out by speculators. Once they see price falling, they'll all dump it as fast as they can.

If there was a democratic congress and president, there would be investigations and something done about all the speculators in the market. But since there's an oil man president...why is he gonna stop anything that helps his buddies (Saudis, Texans, Exxon, etc) get rich...mega rich....make that mega, mega, mega rich.

[4dsc]

4. Duh??

The global community needed to develop new fuels or technologies by the time production peaks or there could be a disruption, he said.

"The sooner we can start mitigating the effect the better," he said.

First of all, we are not going to INVENT another fuel source. What we have is what we have.. Second, peak oil its not a technology issue..

Third, I wonder when the migration to another fuel source, that hasn't been identified, will START??

[enid602]

5. documentary

Saw 'Who Killed the Electric Car' last night. It really shows how the car companies, oil companies and Government foiled this effort to limit dependence on fossil fuels. Good documentary.