Oil to take ‘years’ to return to $100

Forecast – Oil prices won’t rise higher than $100 US a barrel for “a couple of years,” according to Daniel Yergin, chairman of Cambridge Energy Research Associates Inc.

“Just on supply-demand, putting aside geopolitics, this surplus is going to last for a couple of years and that will have a dampening impact on oil prices,” said Yergin, winner of a Pulitzer Prize for his book The Prize: The Epic Quest For Oil, Money & Power, in a telephone interview Wednesday. “Right now, predicting oil prices is really predicting” gross domestic product.


Oil prices “reflect the recognition that a surplus is building up and that it’s going to take some time to work it off,” said Yergin.

Calgary Herald