The Gas Forecast Calls For Higher Prices

…Many experts believe supply will continue to be a problem in the long term, such as Matt Simmons, who heads a Texas-based energy investment bank that is the world’s largest.

“Today, there are only a handful of tiny countries who aren’t basically starting on a track of an unbelievable growth in their need for using more oil,” Simmons said.

Booming economies, such as China and India, are demanding more of the world’s oil, and that means a tighter supply.

“Our fuel costs are headed up,” said Ken Keller, a former University of Minnesota president who now teaches energy policy at the university.

Keller says the supply of oil will inevitably shrink, just as world demand grows.

CBS