Saudi Arabia Warns Of Coming Spike In Oil Prices [View All]

[OKIsItJustMe]

http://www.thememriblog.org/blog_personal/en/16651.htm

Saudi Arabia Warns Of Coming Spike In Oil Prices

Saudi Petroleum Minister 'Ali Al-Nueimi has warned that in two to three years the world could witness a big spike in the price of oil, similar to or even greater than the one experienced in 2008, unless the oil industry invests in new production projects.

He said that lower prices and weak demand are behind the contraction in the investment in energy projects, and that rising costs of developing new fields and the scarcity of credits have compounded the problem.

Al-Nueimi also said that "the energy policies that call to a rapid transformation away from oil and into alternative energy strengthen the atmosphere of doubts and the risks of investments."

Source: Al-Sharq Al-Awsat, London, May 26, 2009

OK, so, you're telling me that "energy policies (which) call (for) a rapid transformation away from oil and into alternative energy" may increase the price of oil, and therefore the motivation for a "a rapid transformation away from oil and into alternative energy."

Hey! now that's what I call a positive feedback!