IEA sees oil supply crunch looming
IEA sees oil supply crunch looming - Yahoo! News
Now the International Energy Agency is admitting that supplies won't meet demend through at least 2012. They are essentially admitting that 70$ barrel oil should be seen as normal for the foreseeable future if not higher prices. This is quite a contrast to just two years ago when the same agency said that 2006 would be a blip and that there would be plenty of oil coming on-line in 2007. They predicted there was no reason to believe that oil should be greatly above $40/barrel through the end of the decade.
Now the International Energy Agency is admitting that supplies won't meet demend through at least 2012. They are essentially admitting that 70$ barrel oil should be seen as normal for the foreseeable future if not higher prices. This is quite a contrast to just two years ago when the same agency said that 2006 would be a blip and that there would be plenty of oil coming on-line in 2007. They predicted there was no reason to believe that oil should be greatly above $40/barrel through the end of the decade.
posted by Joel Duff at
2:20 PM
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