The Future of Oil Prices

As Matt Simmons points out: oil is not just another commodity. For industrial societies oil is as basic as food and water. That
Many analysts suggest that the price of oil will rise sharply after the peak. They predict that one barrel of oil may cost 280 USD, 350 USD or even 600 USD. Speaking strictly from the economic point of view, this is correct. Demand outstrips the supply, so the price goes up. But