Sunday, July 03, 2005

Another Peek at Peak Oil

I was getting ready to write an article about how I consistently make the mistake of being too early in my projections ( I thought the peak in the Denver real estate market was 2000 ). Then I ran across this article.

Oil 'will hit $100 by winter' Worst-ever crisis looms, says analyst

Surging demand to keep prices high
Heather Stewart, economics correspondent
Sunday July 3, 2005
The Observer

Oil prices could rocket to $100 within six months, plunging the world into an unprecedented fuel crisis, controversial Texan oil analyst Matt Simmons has warned.

After crude surged through $60 a barrel last week, nervous investors were pinning their hopes on a build-up in US oil-stocks to depress prices in the coming months.

But Simmons believes surging demand will keep prices bubbling well above $50. 'We could be at $100 by this winter. We have the biggest risk we have ever had of demand exceeding supply. We are now just about to face up to the biggest crisis we have ever had,' he said.

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