Saudi Arabia Predicts Oil at $200 Per Barrel in Near Future
OPS_admin | May 27, 2009 | Comments 0
Saudi Arabia Predicts Oil at $200 Per Barrel in Near Future
Global oil prices are expected to spike once again in the next two years as the global economy stabilizes and investment in new production continues to lag.
Global oil prices are expected to spike once again in the next two years as the global economy stabilizes and investment in new production continues to lag. That, however, could provide an opportunity for the U.S. to wean itself off foreign oil and reinvigorate its manufacturing base.
Yesterday energy ministers from the G-8 nations along with their counterparts representing 15 emerging and oil-producing countries met in Italy to discuss the continued volatility in oil prices and predicted that oil could reach as much as $200 per barrel in two years.
Last July oil prices reached an all-time high of $147 per barrel. Since that time prices fell as low as $32 per barrel in December. Currently, prices are floating around $60 per barrel.
The price volatility coupled with the recession has caused investors to pull back. Lack of investment will eventually lead to a depletion in supply and a drastic rise in price once the global economy stabilizes.
via Economyincrisis.org – America’s Economic Report – Daily.
Filed Under: Energy
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