Originally Posted by Cyclone85  Nobody can predict the price of oil. Oil was $10 a barrel in 1998 at the end of the Asian Contagion. Oil was cheap in the 60s and early 70s, expensive in the mid 70s to early 80s, moderated and decreased from 1982 until 2005. Since 2005 it has surged to levels not thought possible. With the exception of a burp or two in the economy, is has grown each year. It may not grow much this year or next. We'll see. |
I disagree. Oil is a finite resource and has basically peaked. The 70s oil crisis was due to a sudden supply disruption. That is not occurring right now. There is no end in sight to the recent increases that we've seen because there is little if any spare capacity. It will take several years of investments to increase oil production. Meanwhile, the existing fields are producing less and less each year. As a result, the best we can hope for is to maintain what we have produced. Couple that with skyrocketing demand from China, India, etc., our way of life is about to change significantly in the next decade. Much more than it did between 1997 and 2007.