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Politics : Politics for Pros- moderated

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To: ManyMoose who wrote (251159)	5/22/2008 12:29:47 AM
From: Snowshoe	Read Replies (3) of 793851

The US dollar index is down 21% since the beginning of 2006, but oil is up over 100%. So only about 1/5 of the price rise is due to the falling dollar. The price of oil is rising because the market is losing its complacency and facing up to the impending problem demand/supply squeeze. I know that Peak Oil is a tough sell on a political thread like this, but the market knows... Energy Watchdog Warns Of Oil-Production Crunch IEA Official Says Supplies May Plateau Below Expected Demand By NEIL KING JR. and PETER FRITSCH May 22, 2008 The world's premier energy monitor is preparing a sharp downward revision of its oil-supply forecast, a shift that reflects deepening pessimism over whether oil companies can keep abreast of booming demand. The Paris-based International Energy Agency is in the middle of its first attempt to comprehensively assess the condition of the world's top 400 oil fields. Its findings won't be released until November, but the bottom line is already clear: Future crude supplies could be far tighter than previously thought. A pessimistic supply outlook from the IEA could further rattle an oil market that already has seen crude prices rocket over $130 a barrel, double what they were a year ago. U.S. benchmark crude broke a record for the fourth day in a row, rising 3.3% Wednesday to close at $133.17 a barrel on the New York Mercantile Exchange. For several years, the IEA has predicted that supplies of crude and other liquid fuels will arc gently upward to keep pace with rising demand, topping 116 million barrels a day by 2030, up from around 87 million barrels a day currently. Now, the agency is worried that aging oil fields and diminished investment mean that companies could struggle to surpass 100 million barrels a day over the next two decades. more: online.wsj.com

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