Oil prices on the rise once again.
Rachael Morgan
11-07-2008
1:53pm
“The international energy agency (IEA) yesterday warned that oil prices will continue to climb over the next two decades and could reach $200 a barrel by 2030. Releasing its latest forecast, the International energy agency said the recent fall in oil prices would prove short lived and predicted that they would soon rebound back to the one hundred dollar a barrel levels seen earlier this year.”
Although Americans have become accustomed to the falling gas prices, they will be on the rise again in the very near future. Resources for oil are becoming increasingly depleted, older sources are no longer producing enough oil to meet the increasing demand, and new sources for oil are becoming harder to come by, with the economy the way it is.
With most alternatives still in production, an alternative for our oil crisis is still quite a ways away. Seemingly an alternative is the only way out of this problem, not only will the ever increasing shortage cost us, as consumers, but also as a country.
The International energy agency report also claimed “that industry will have to invest in excess of sixteen trillion over the next twenty years to meet projected demand, as production from older field’s declines and oil firms are forced to invest in more costly alternative supplies such as oil from tar sands.”
There are many places within our own country that would provide sufficient oil supply until an alternative is put in its place. The effects that these sources would have on our environment, however, would be awful. This would cause more long term problems then just paying at the pump.
Sources cited
http://www.businessgreen.com/business-green/news/2230069/soaring-oil-price-encourage
2 comments:
Although this may be a conspiracy theory, I almost feel as if there are plenty alternative methods of oil that could be put on the market, but for some reason are not. Such as oil companies paying these new resources to remain quiet about their products. My parents have told me stories of people from their childhood using alternative methods of fueling their vehicles. The technology is here; why is no one stepping forth?
I agree with Jared. I kind of feel like these agencies such as the IEA wants to scare people. I feel that the situation is not as bad as everyone is made to believe.
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