A Roman scholar puts oil prices in perspective

[Javaman]

http://www.thenational.ae/thenationalconversation/industry-insights/energy/a-roman-scholar-puts-oil-prices-in-perspective

A simple answer to the question which way will oil prices move may be summarised in two words: "high" and "rising".

The International Energy Agency (IAE) predicts global energy demand will grow 36 per cent between 2009 and 2035, with China, India and the Arab world notably increasing consumption.

China, alone, is expected to account for 25 to 40 per cent of the rise in global demand. Economic activity has also resumed in the EU's industrial heartland of Germany as well as the US.

As the world's population approaches 7 billion, supply is not keeping pace with demand for oil and its derivative products. Most of the biggest fields have already peaked and the rate of decline in oil production is accelerating. Experts also identified a chronic under-investment by oil-producing countries. Which way oil prices? High and up.

(more at link)