Saudi Arabia Warns Of Coming Spike In Oil Prices

[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!

[dana_b]

1. well we knew it was coming

Sell the oil at a high price before the requirements for increased mpg tafes effect. Sell it high! Make the $$! A vicious circle.

Also it's already started. Thank God I have access to good public transportation but I do feel bad for those who don't or can't because of their jobs.

[Purveyor]

2. Our local mid-michigan price is up .28 from last weeks price. Todays price: 2.69 unl/reg eom

[dana_b]

3. Oh yeah, I believe it

I live outside of San Francisco and last week it was up to $2.74. I'm sure it's up more this week. With this article, I'll bet we're up over $5.00/gallon within a year or so.

[kristopher]

4. Isn't that a little like the quote in Kevin Constner's Field of Dreams?

"If you build it they will come"

This really is a revealing statement OK. Thanks for posting.