[UncoveringTruths]

$this->bbcode_second_pass_quote('', 'W')ASHINGTON - While the recent flurry of record oil prices may be temporary, government analysts said Thursday that $30-a-barrel oil should be expected for decades to come.

Crude is likely to cost about $35 a barrel in 2025, an increase that is nearly a third higher than predicted a few years ago, according to a long-term energy outlook report issued by the federal Energy Information Administration.

Guy Caruso, the agency's director, acknowledged that long-term predictions for energy prices 20 years into the future are difficult and subject to change should there be unexpected global events that might affect oil supply or demand.

The agency's forecast is largely dependent on current assumptions about future oil production and expected economic growth which will determine the intensity of demand for oil and other energy sources.

The forecasts estimate that world oil production will grow from about 80 million barrels a day to 120 million barrels a day in 2025.

[Madpaddy]

Of course it adds up.

Oil is created far below the earth's surface and all we have to do is dig deep enough.

Once we have enough drilling rigs to core 100 miles or more we have access to all the oil we could ever want. It will take until 2020 to have 120 million bpd output but with more investment we can hope to have production of 1 billion bpd by 2050.

WHAT A JOKE

With articles like that you have to rate our chances of a non-catastrophic transfer to a post oil world as nil.

[DomusAlbion]

MadPaddy wrote:

"Oil is created far below the earth's surface and all we have to do is dig deep enough.

Once we have enough drilling rigs to core 100 miles or more we have access to all the oil we could ever want."

You are kidding, of course. Aren't you?

[UncoveringTruths]

Some Chinese farmer one day will be suprised when the bit from one of drilling rigs comes throught the bottom of his floor.

[Madpaddy]

I am joking but of course I always joke.

It will become a hazard one of these days. Drill bits appearing everywhere at random - a bit like the worms in Dune.

Beware dppearing drill bit signs everywhere.

[Permanently_Baffled]

$this->bbcode_second_pass_quote('UncoveringTruths', 'S')ome Chinese farmer one day will be suprised when the bit from one of drilling rigs comes throught the bottom of his floor.

[UncoveringTruths]

Here's something 26 minutes ago.

$this->bbcode_second_pass_quote('', 'P')ARIS (AFP) - The International Energy Agency trimmed its forecast for growth in global oil demand next year but warned that prices were likely to remain high and dismissed producer fears of a sharp fall as "overstated."

The IEA's monthly market report appeared as ministers from the Organization of Petroleum Exporting Countries, meeting in Cairo, were poised to approve a cut in production to prevent further price erosion.

But the IEA insisted that while prices may have eased a bit of late, "the market is not out of the woods yet."

"Producer concern over a precipitous fall is prices is somewhat overstated," the report said.

"Plus 40-dollar oil is still high and capacity constraints, geopolitical uncertainty and demand growth will not disappear overnight and will continue to provide price support over the medium term."

[Kingcoal]

I think I know how they came up with that figure, the dollar is going to do a reverse split! Say, one for one hundred. Overnight, a hundred years worth of currency depreciation wiped out!

[shortonoil]

What are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some.

[UncoveringTruths]

So it will sale for $400 a barrel but inflation will make it worth $35. How long will we have smoke blown up our asses.

[savethehumans]

Until the oil and gas needed to run the machine that produces the smoke to be blown into our asses isn't there anymore--THAT'S how long!

[lotrfan55345]

$this->bbcode_second_pass_quote('UncoveringTruths', 'S')ome Chinese farmer one day will be suprised when the bit from one of drilling rigs comes throught the bottom of his floor.

[AdamB]

$this->bbcode_second_pass_quote('shortonoil', 'W')hat are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some.

[asg70]

$this->bbcode_second_pass_quote('AdamB', '')$this->bbcode_second_pass_quote('shortonoil', 'W')hat are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some.

[ROCKMAN]

"What are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some." The EIA isn't "running" anything. It simply collects data and distributes it. If anyone has a more credible source please share it.

[AdamB]

$this->bbcode_second_pass_quote('asg70', '')$this->bbcode_second_pass_quote('AdamB', '')$this->bbcode_second_pass_quote('shortonoil', 'W')hat are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some.