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Originally Posted by Rolo
however I do not think that the oil price will rise in double digits per barrel in the next years, unless some major terror or revolt in saudi arabia.
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If we are at 'Peak Oil' then the easiest oil has been produced. From now onwards less and less will be produced and demand will far outstrip supply. The thing is, though, everyone needs energy, so there will always be enough demand for however much oil remains. The price is not based on production cost but on limited supply.
Also, the Arabs have inflated their reserve figures by up to 400% for years because their OPEC agreements only allow them to produce proportionally to their reserves, so they lie to be able to sell more oil. And they all do it. Don't listen to what the Arabs or any politicians say. Listen to what the scientists are telling us.