PEAK OIL - The New Y2K or The Beginning of the Real End? Message Board

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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?

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From: Doug R	5/21/2005 4:23:41 PM
	of 1183

High Oil Prices Required, OPEC Chief Says SOUTHERN SHUNEH, Jordan, May 21, 2005 (AP) High oil prices are needed to help fund higher oil production and exploration by producer countries, OPEC's president said Saturday. Global demand for oil will rise to 85.5 million barrels per day in the fourth quarter of this year and OPEC is making investments to bring production in line with that demand, said Sheik Ahmed Fahd Al Ahmed Al Sabah, Kuwait's oil minister and current president of the Vienna-based cartel. "OPEC is investing to increase production and flow to markets" and ensure stable prices, Al Sabah said in a speech before the World Economic Forum. The added production is needed to boost global economic growth but "acceptable fair prices" (read HIGHER) for oil are required to repay investments made by producing countries, Al Sabah said. cbsnews.com The cheap stuff is gone. Let the ratcheting begin. Oh...it already has. The next round won't be pretty.

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