OTC: High Crude Prices Seen for 3-5 Years in Industry Poll

Oil & Gas Journal – Using a new electronic system for instantly polling attendees at technical sessions of the 2006 Offshore Technology Conference in Houston, 42% of the respondents at a May 2 panel discussion said they expect crude prices to remain high for 3-5 years…

In a later survey question on global supply and demand, 55% of the respondents said high energy prices eventually will increase production and encourage conservation. Another 14% said alternative energy sources will emerge to reduce demand for petroleum. However, 12% said crude production has already peaked, while another 12% said production not only will increase but will outpace demand. The remaining 8% said conservation will reduce demand below production.
Oil & Gas Journal