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MADRID, Spain - As crude soared to a new record, the head of the International Energy Agency declared that the world was in the grip of an "oil shock," and the president of OPEC acknowledged he could not say whether prices would flatten out or continue to soar.
Originally posted by Seaman_Richie
Well think about it this way, maybe on the long run they have set themselves up for failure. Now we are really looking into alternative fuels more than before. Sure they might be making a quick buck now but imagine 20 years from now… or 40 years? Do you think we will really be as reliant on petrol today as we will be in the future to come?What do you think?
Originally posted by Maxmars
But demand for oil hasn't risen. How could supply-side economics apply if the demand is flat and the production hasn't drastically changed?
World oil demand is slowing down, at least for the moment. Record high prices have dented consumption.
The International Energy Agency, the IEA said demand will rise at its slowest pace in six years during 2008. In its monthly report, the IEA said global oil consumption will now increase by 800,000 barrels per day, that’s 230,000 barrels less than its previous forecast. link
Saudi Arabian King Abdullah and the country's petroleum minister Ali I. Al-Naimi...have announced an increase in production from 9 mmbpd to 9.7 mmbpd effective July.
Originally posted by Seaman_Richie
Well think about it this way, maybe on the long run they have set themselves up for failure. Now we are really looking into alternative fuels more than before. Sure they might be making a quick buck now but imagine 20 years from now… or 40 years? Do you think we will really be as reliant on petrol today as we will be in the future to come?What do you think?