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Page added on February 28, 2008

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Oil could reach $300, says expert

Oil prices could top $300 per barrel within the next five years, according to one industry expert.


Matthew Simmons, chairman and founder of specialised energy investment banking firm, Simmons & Company International, said the current highs of $100 per barrel are “cheap”.


“I think the supply is showing some very troubling signs that we might well have already peaked and started [to slow] down. If we haven’t, we are very close to it,” he told Arabian Business. “Demand on the other hand shows absolutely no sign of slowing down because we are now at $100 a barrel, which I still think is a preposterously cheap price. It works out at just $0.15 a cup.


“A cup of gas will get a car with six passengers in, with the air conditioning on and go two miles. It’s a bargain,” he added.


Simmons also told Arabian Business he is more concerned about energy shortages than the rising price of oil. “What I am worried about most is not high prices but shortages because then people worry.”


Arabian Business



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