there appears to be strong evidence that oil and gas will
increase as the hubbert peak nears, sometime this decade.
does the following from the energy information administration
look like it is reasonable?
rgds
leelock
The following is an extract from the report on short term energy outlook for
August 2000 taken from Energy Information Administration website at
http://www.eia.doe.gov:
"World oil markets, while remaining sensitive to near-term supply
indicators,
including U.S. inventory levels, are, in our estimation, still on
track to
deliver gradually declining crude oil prices through the end of this year
and
through 2001 as well. World supply in 2000 (76.6 million barrels per
day) is
expected to exceed demand (75.8 million barrels per day), leading to a
reversal
of the downshift in petroleum inventories in industrialized countries
observed
since mid-1999. Our base case projections imply that, while average crude
prices
will have risen over $9 per barrel in 2000, an average decline of $4 - $5
per
barrel is seen for 2001."
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