That was one thing he said. More recently, here is another.
Yamani, Geneva, Aug 11, 2010 wrote:Demand for oil will drop due to the growing availability of solar, wind and nuclear power as alternative sources for electricity, Yamani said during a recent interview with Kyodo News.
I think he has a good point. However, what does the middle class do in the (at least) 10 to 15 years that the 3 billion 3rd worlders, let by Chindia ramp up net global demand while the green energy technologies mature enough to produce sufficient supply to deal with the demand? (Answer, burn less. Back door austerity program).
The general glonal crude price trend for the past 7 years or so seems pretty obvious. I see no reason why that general TREND should change anytime soon. The global price will be what the global market will bear. People won't like it, but they can drive small cars, and they can drive less. I think the price can climb to roughly $200 in 5 to 10 years, easily.