What If Oil Costs $200 a Barrel?
WO years’ time the price of oil could reach $200 a barrel. Farfetched? Maybe. Although estimates of oil and gas reserves vary widely, geologists Anders Sivertsson, Kjell Aleklett and Colin Campbell, of Uppsala University in Sweden, are the latest in a growing group of experts who believe that oil supplies will peak by 2010, if not before, and gas soon after.
A study by the London-based Oil Depletion Analysis Centre concludes that world oil supplies are certain to remain tight through the rest of this decade.
It found that all the major new oil-recovery projects scheduled to come on stream over the next six years were unlikely to boost supplies enough to meet the world’s growing needs.
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