Peak Oil News and Message Boards

WASHINGTON - While the recent flurry of record oil prices may be temporary, government analysts said Thursday that $30-a-barrel oil should be expected for decades to come.

Crude is likely to cost about $35 a barrel in 2025, an increase that is nearly a third higher than predicted a few years ago, according to a long-term energy outlook report issued by the federal Energy Information Administration.

Guy Caruso, the agency's director, acknowledged that long-term predictions for energy prices 20 years into the future are difficult and subject to change should there be unexpected global events that might affect oil supply or demand.

The agency's forecast is largely dependent on current assumptions about future oil production and expected economic growth which will determine the intensity of demand for oil and other energy sources.

The forecasts estimate that world oil production will grow from about 80 million barrels a day to 120 million barrels a day in 2025.

UncoveringTruths wrote:Some Chinese farmer one day will be suprised when the bit from one of drilling rigs comes throught the bottom of his floor.

PARIS (AFP) - The International Energy Agency trimmed its forecast for growth in global oil demand next year but warned that prices were likely to remain high and dismissed producer fears of a sharp fall as "overstated."

The IEA's monthly market report appeared as ministers from the Organization of Petroleum Exporting Countries, meeting in Cairo, were poised to approve a cut in production to prevent further price erosion.

But the IEA insisted that while prices may have eased a bit of late, "the market is not out of the woods yet."

"Producer concern over a precipitous fall is prices is somewhat overstated," the report said.

"Plus 40-dollar oil is still high and capacity constraints, geopolitical uncertainty and demand growth will not disappear overnight and will continue to provide price support over the medium term."

UncoveringTruths wrote:Some Chinese farmer one day will be suprised when the bit from one of drilling rigs comes throught the bottom of his floor.

shortonoil wrote:What are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some.

AdamB wrote:

shortonoil wrote:What are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some.

Interesting that now you link to EIA information nearly every other post, and your entire spurious relationship depends on them. Would you care to inform the group as to why your opinion has changed in such a substantial manner? Or is it just because you were able to maneuver their numbers into your spurious relationship easier than just making up your own?

asg70 wrote:

AdamB wrote:

shortonoil wrote:What are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some.

Interesting that now you link to EIA information nearly every other post, and your entire spurious relationship depends on them. Would you care to inform the group as to why your opinion has changed in such a substantial manner? Or is it just because you were able to maneuver their numbers into your spurious relationship easier than just making up your own?

It's the difference between true intellectual inquiry and propaganda.