Will oil prices hit $380 a barrel? A new report warns thatcrude prices, now about $50 a barrel, could rise that muchby 2015. Energy Economists Patrick Artus and Moncef Kaabi,of the French investment bank Ixis-CIB, warn that in thenext 10 years, demand for oil?especially in China?willoutstrip supply by around 8 million barrels per day. Theydon’t think the shortfall can be made up alternative energysources?and least not yet. We’ll still be relying mainly onfossil fuels in the near future. Theanalysts say that they have taken into account “every newoil discovery and potential source,” as well as possible newoil discoveries.
In the Arab news website Aljazeera.net, Adam Porter explainswhy this is true?and if anyone should be able to predict oilprices, it’s the Middle East! The continued movement ofChinese farmers from the countryside to big cities willincrease the demand for housing and cars, and all of thismeans that more oil will be needed than ever before.Industrial production is growingrapidly in China, with no signs of decline.
At the very least, our cars will have to continue to getsmaller and we’ll have to hope that more hybrids becomeavailable. Sell that huge SUV now?BEFORE it’s too late!Remember, you read it here first, on www.unknowncountry.com.Support ourwebsite?we’re here for you! And when you subscribe for oneyear, you’ll get a coupon for a FREE copy of TheCommunion Letters–a $17.95 value. You’ll pay only shippingand handling.
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