Oil crisis to continue for next three years: US

[Bhaisahab]

WASHINGTON, May 1: US Energy Secretary Samuel W. Bodman has warned that extraordinarily high international oil prices may stay at their current levels for the next two to three years, affecting consumers across the globe.

Another senior US official, White House Chief of Staff Joshua B. Bolten, endorsed Mr Bodman’s warning, saying that high prices at pumps “are not going to be solved in the short run by some silver bullet”.

Mr Bodman cited demand from such emerging economies as China and India as one of the main reasons for the current hike in oil prices. “Suppliers have lost control of the market, and, therefore, demand exceeds supply,” he told NBC Television’s ‘Meet the Press’ news show.

“Clearly, we are going to have a number of years, two or three years, before suppliers are going to be in a position to meet the demands of those who are consuming this product,” the US energy secretary said.

CONTINUED AT:http://www.dawn.com/2006/05/02/top15.htm

3 years is gonna turn into 5 years, and then 10 years, and then forever. that's my take on this.

[truthisfreedom]

1. $10 a gallon by 2008. no thug will return to the WH before 2020.

[Fridays Child]

2. It's as low as 12 cents a gallon in Venezuela.

[eastcane]

4. In response to radfringe

The oil shortage is permanent, after two or three years, instead of getting better, the worldwide oil situation will only be worse. The tap is running dry, the demand for the stuff is soaring everywhere on the globe, so we must immediately start confronting the problem in 2008 with intense conservation, massive alternative energy development programs, and mass transit the likes to make all our heads spin, because the free ride is indeed over. This country has been on auto-pilot concerning conservation since the early 1980's, a truly immoral position to defend.

[Bhaisahab]

5. welcome to DU eastcane

you made valid points.
you might also want to check out the peak oil forum for more discussion and debate on the permanent oil shock.

here it is: http://www.democraticunderground.com/discuss/duboard.php?az=show_topics&forum=266

[radfringe]

3. 3 years seems about right

two more years of bush, and it will take about a year for a new administration to reverse the trend

I keep seeing people waving brooms to symbolize sweeping out our elected official, but I think they would do better if they just got a big shovel

[Dogmudgeon]

6. Until late January, 2009 ... yep, that makes sense

But-seriously-folks, we are in a different energy economy now. For the next two to ten years, the price of oil will probably be quite volatile unless a couple of viable mega-oilfields are discovered. By "viable", I mean profitably developable. Our current mega-oilfields are all in decline, and the Burgan, Cantarell, and Ghawar fields are at crisis points (and near failing) due to poor geological management of their decline.

We discuss these issues on the Energy/Environment forum quite frequently; I have a kind of a split reputation as being both an apocalypticist and an optimist. My main point is that we're entering an era where we will have to face a number of challenges far greater than those we have ever dealt with; but if we decide "no more bullshit!" and work to meet them, we should be okay. This is neither the fatalistic approach of, say, Matt Savinar or Jay Hanson (whose work I do greatly respect), nor "the Market will solve all our problems!" and "we've always survived before" approaches of "the Establishment" and the cynics alike.

In the short term, the corrupt and ignorant approach of Team Bush will make things worse than they ought to be. We should be using this time to "wrap up old business" and plan for a radically new era which may provide less energy resources, but which may also be a technological golden age of increased discovery, understanding, and art (and I consider engineering a form of art).

We need to do some serious world-building. People like George Bush are modern-day Vandals, intelligent and savvy, but heavy-handed and intent on conquest, destroying everything they can't carry off or transfer into their bank accounts. This could be said to be their Vandaldämmerung. I still have hope it is our Golden Dawn.

--p!

[brokensymmetry]

7. Aha! Your secret is out.

Quote: "but if we decide "no more bullshit!" and work to meet them, we should be okay."

You ARE a cornucopian! Please accept my sympathy. :evilgrin:

I, on the other hand, am a doomer. I strongly suspect that no matter
what we do, we're headed (rapidly) toward the die-off of about 4 billion
people.

[Moderator]

8. Duplicate topic from April 30th

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=2256113