Matt Simmons Foresees $250 Oil
The former energy advisor of US President George W Bush, Matthew Simmons, predicts oil prices could reach as much as 250 US dollars per barrel over the coming years.
"We have to expect an oil price between 200 and 250 dollars per barrel," Simmons was quoted as saying on Tuesday in the January issue of the German-based Capital economic magazine.
He cited an imminent shortage of oil supply and a growing global demand, especially in China and India, for the sharp rise in oil prices.
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