by NICK ROSEN on APRIL 29, 2005 - 0 Comments in ENERGY
Last year we predicted oil prices would reach $50 a barrel. Now $50 is the new floor for prices, rather than the ceiling. This year, forecasts of $100 a barrel oil are threatening meltdown for Western economies. At the projected $100 level for oil, living off-grid moves from a quaint hobby for a minority to something the majority must consider.
Here is the latest news update
Consumers Must Plan Now for Potential Oil Shock – IEA FRANCE: April 29, 2005
PARIS – Car-pools and driving restrictions could help shave at least a million barrels a day (bpd) from industrialised nations’ oil demand in the event of a supply crisis, the International Energy Agency said on Thursday.
They are among measures an IEA study ‘Saving Oil in a Hurry’ says consuming nations must plan to ease potential shortages and price rises which could result from a large disruption to international supplies.
Oil prices have already risen to record highs above $58 this year as surging demand in Asia’s emerging economies pushes world supplies close to current capacity. Goldman Sachs bank has warned of a potential ‘super-spike’ to $100 a barrel. (more…)