Analysts ask how high can OIL go? I am giving out a prediction that in 2011 oil will rise. Fact is we hit peak oil in 2005 and petroleum production is in a terminal decline now. Saudi Arabia is running out of excess capacity and faces a difficult transition away from crude that will cause pain. Also, demand from China is increasing. This means oil over 100 next year. We could see four dollar gas by 2013 or sooner.
Friday, December 31, 2010
OIL rises
Analysts ask how high can OIL go? I am giving out a prediction that in 2011 oil will rise. Fact is we hit peak oil in 2005 and petroleum production is in a terminal decline now. Saudi Arabia is running out of excess capacity and faces a difficult transition away from crude that will cause pain. Also, demand from China is increasing. This means oil over 100 next year. We could see four dollar gas by 2013 or sooner.
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