Independent Commentary on Environmental and Natural Resource NewsBy Kurt Cobb
As oil prices rose ever higher in the last decade, the optimists kept predicting rising production capacity and plummeting prices. Looks like they got it wrong. Read more.
You know we are well past peak production and that the effects of the failure of production to keep up with demand is becoming too obvious for anyone to duck it when even the mainstream financial community is aware of the situation.USB Wealth Management has predicted that global production will fall by 500,000 barrels next year (in spite of rising demand) and some analysts have a price target of $124 a barrel. I believe it will pass that.
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