Rebecca Roberts, November 8, 2008; Agency Predicts a Return of Triple-Digit Oil Prices
The International Energy Agency says that despite the ups and downs of the most recent oil prices globally there are predictions that the oil prices are estimated to going up to triple digits yet again to meet the current demand for oil.
This past Thursday oil prices were as low as $60.77 which is at the lowest in 19 months. Current prices are 58% lower now than what they were in July, prices in July were as high as $145.29 a barrell. Current estimates are that by 2030 daily oil consumption will be at 106 million barrels which current consumptions are at 86 million barrels a day.
As the demand for oil consumption increases the need for expansion for oil will also increase. This offers to potiential oil producing countries to see an increase in their economic growth.
http://www.nytimes.com/2008/11/07/business/07energy.html?partner=MOREOVERNEWS&ei=5040
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