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Originally Posted by Robin
Therefore people, countries and companies will pay almost ANY price for oil - it will be a matter of survival. Oil is totally unique in this respect. I predict $500/barrel oil within 5-10 years.
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There will not be one big solution to the oil problem, instead there will be many different areas, which will ease the oil problem, before any major damage happens. Everything from better technology to better consumption, and other + new energy sources.
I think the oil price is already getting close to, when other energy sources starts to make a good investment objects - ofcourse their EROI will not be anything like oil, however that is not important, because the price of oil will make them attractive. Add tax breaks to the mix, and this might kick start engery production, which again will help to stabilize the oil price.
How did you get the price of $500/barrel... why not $1000/barrel or $100/barrel?