Oil supply crunch after 2010?

IEA sees oil supply crunch after 2010
By MarketWatch
Last Update: 11:54 PM ET Jul 9, 2007

SAN FRANCISCO (MarketWatch) -- Crude-oil supplies will be tighter in coming years, with a "supply crunch" after 2010 as OPEC's spare production capacity evaporates, the International Energy Agency predicted Monday.

http://www.marketwatch.com/news/sto...x?guid={0323178F-F858-4190-B51C-D50C28D160C1}

 

Yeah, right! LOL. They can't see to the end of 2007, but 2010 is clear as a bell.

OldTrader

 

Glad I finally took that roadtrip across Europe last month. From reading these world oil estimates, I can't imagine in 5 years whether such a trip would be feasible anymore..

 

there is more than enough oil for everyone

Stinko liberals have been predicting peak oil since the 70's and so far there is no problems with supply.

 

In the long run the price of Crude oil, just like whale blubber oil, is going to Zero.

 

You see, Shell has gone ahead with its recent launch of exploration campaign in Arctic, which is said to have 25% of the oil reserves on earth. Despite the converns of damage to the environment and the R&D of renewable energy, I dont see any possibilities for oil to trade above $100 as someone predicted. And the demand from China and India is going to slow down which will have significant impact on the oil price.

 

Why don't the government focus on alternative fuels?

 

How do you explain the elevated levels for such a long period. If their were enough oil it by now would have retreated, like it always has in the past.

The market is telling us something you had better listen. Oil is a finite resource, thats the problem, as you well know.

 

I don't believe demand plays the highest role in the inflated cost of oil in the U.S.
Since the beginning of the "War on Terror" and the war in Iraq I haven't paid higher taxes, income or otherwise. Yet daily cost estimates for the war are ever increasing. Where is the money coming from? The only answer I see is an increase in the cost of living, and that means oil in the U.S. but it also covers food, utilities, everything.
To be frank I believe an oil based administration has setup a policy whereby oil companies take the heat for high prices in exchange for obscene profits with a percentage of that kicked back to the federal government.

 

100 dollars a barrel is comparatively cheap, if the energy locked up in oil could be converted into human labour at 5 dollars per hour it would be worth about $45,000.