Peak Oil Review — June 30, 2008

1. Production and Prices

2. Forecasts

3. Shortages

4. Energy Briefs

1. Production and Prices

While last week started quietly, Thursday and Friday turned into a frenzy, with prices surging from a low of $132 a barrel on Wednesday to touch a new high of $142.99 on Friday. The week closed with oil at $140.21, another new high closing price. The $10 a barrel increase was mostly due to financial developmentssuch as a weak dollar, a major drop in the equities markets, and a flight to the safety of commoditiesrather than to oil industry news.[…]

2. Forecasts

As oil prices approach $150 a barrel, more forecasters are issuing reports on just what might be in store during the next few years. Two years ago suggestions that oil might reach $100 were considered far fetched. However, now that prices have increased by $40 a barrel in the last six months, more organizations have sensed a dire trend and are willing to talk about very high numbers.[…]

International Business Times