A ‘Fame-Hungry’ Speculator in New York Raises Oil Prices to over $100 a Barrel

…There are many questions that arise upon investigating such matters even further, such as: Is there enough oil to cover this increasing demand for energy, especially with the spread of the “peak oil” theory in western states, which doubt the reserve figures of OPEC countries? The problem with this new-old theory, which finds listeners whenever oil prices rise and spreads fear and anxiety among some analysts, is that its viewpoint cannot be defended in realistic terms. The proponents of this theory cast doubt and lies without any convincing material evidence. Holding fast to this theory means ignoring the world’s realities as we live them today; more important is the question of how we will live these realities tomorrow.



The increase in the energy consumption rate worldwide does not at all mean that we will rely only on the oil field reserves that we are aware of today. There is, first of all, the technology that assists us in extracting bigger and bigger amounts from these same fields. Instead of extracting only 15% of an oil field’s reserve, for example, technology can let us obtain 50% of this reserve.

Another forms of technological progress involves manufacturing petroleum products free of CO2 directly from natural gas, as is taking place in Qatar after months of cooperation with the South African firm Sasol. These two big scientific discoveries and their success in economic terms will lengthen the oil era and help compensative for the two big challenges facing the petroleum industry: the discovery of a limited amount of giant fields in recent years to make up for the loss in current production, and the issue of pollution, which is worrying public opinion around the world.

Dar Al Hayat