Do you believe that present oil supplies cannot keep up with global demand?

Question

Wouldn't we have been provided with a precise date of this projection many months and/or years in advance?

Isn't this just artificial price inflation that is engineered by certain world parties and/or corporations?

http://news.yahoo.com/s/ap/20080523/ap_on_bi_ge/oil_prices

Answer 1

Ever since the WTO was formed there has been tons of carefully thought out manipulation  on all fronts to get to this point. I think there is a major  push by  the ruling class to force a renewable industry because at some point in the future there will be obvious shortages and in the process will stimulate the economy again with a new industry and with high oil prices they want a guarantee renewables will  start on good footing.  

Most of the wealth created in the US since the tech bubble 2000 to present stage  (which has ended in a bubble also) actually was created by taking equity out our homes so there is a desperate need for a new industry with teeth.

Regarding the latest pushes in price from the $80 level I believe is linked to the ability to get rid of sulfur in oil especially with the new regulations for the amount of sulfur emissions allowed in diesel fuel and which was supposed to cost 7-10 cents a gallon more (not a $1). The distillates (Diesel and heating oil) futures which are much higher than unleaded gasoline contracts has been the driver of oil prices.There is a very tight supply of low sulfur "sweet" crude and obvious bottlenecks of the ability to get rid of this sulfur to appease regulations with current infrastructure. The spread between heavy sour and light sweet is enormous its over $50 a bbl.

As for the future It will likely end up as another bubble with at least a  50% drop but I think it will be off of much higher levels than current prices. Unfortunately, I don't know what event will directly trigger it. The Santos basin finds and Iraq raising its likely recoverable oil in recent days were unexpected events that will drive down prices as well as a depression

The housing bubble had signs years in advance yet the economy ignored it for years.

Answer 2

The whole issue has become so convoluted with finger pointing, theories, and speculation it's no wonder no one can come to a consensus about how to address the problem... and it IS a problem.

Quite honestly I tend to believe that greed is the culprit, that there are many hands in the profit margin pie with or without a conspiracy. I think they will continue to increase prices until something snaps and I hope and pray it doesnt take an economic collapse to do it.