Bahraini Economist Projects $90+ Oil In 2008 - Gulf Daily News

[hatrack]

MANAMA: Oil prices will soar above $90 per barrel next year, a Bahraini economist has predicted. Bahrain Economic Society senior economist Mohammed Habib Ali told the GDN that a combination of the growth of economies such as China and India, continuing global population increases and rising consumption within top oil-producing nations will push the price of crude to record levels next year.

He also said it was time GCC countries used their high surpluses to fund renewable energy projects and begin moves to end fuel subsidies in the region. "Oil will reach above $90 next year and the problem is not politics or economics as much as it is geology," he said.

"Oil by many estimates has reached its peak and both production and the number of new oilfields found are decreasing - but at the same time world population is growing and is estimated to reach its peak around 2030.

"Therefore we can only gather that we will witness prices continue to shoot up in the next few decades to come unless the world economy goes through a tough economic depression or a breakthrough in some competitive alternative energy is found leading to immediate and sudden adopting of its usage - something which at the moment you would say appears very unlikely," he added.

EDIT

http://www.gulf-daily-news.com/Story.asp?Article=196201&Sn=BUSI&IssueID=30203

[GliderGuider]

1. "...and the problem is not politics or economics as much as it is geology"

When the economists start to get it you know the problem has arrived. It's really interesting, this guy appears to "get it" completely: peak oil, declining discoveries, the net export crisis, the population peak, the probability of a global depression, the whole ball of shit. And he's saying it out loud.

This especially blew me away (my emphasis):

The economist warned that the top five net oil exporters - Saudi Arabia, Russia, Norway, Iran and the UAE - registered a 3.7pc increase in their own consumption from 2000 to 2005, a trend that is set to continue and one which will put further pressure on fuel prices.

"Net exports are decreasing due to major exporting countries consuming more of their own oil, hence the need to abolish subsidies and think of innovative ways to conserve energy within those countries."

The economists have figured it out. We're toast.

[hogwyld]

2. Will with the crazy one in the WH

He'll just nuke all the brown and yellow people, and the demand side is significantly reduced.