interesting article
biz.yahoo.com
Friday November 6, 2:47 pm Eastern Time
Company Press Release
SOURCE: National Association of Royalty Owners
NARO Told to Expect $30 Oil, $3.50 Natural Gas in Five Years From Energy Price Analyst; Premature Plugging of Marginal Wells Costing Nation's Economy Dangerously Expert Warns Royalty Owners of Nation
OKLAHOMA CITY, Nov. 6 /PRNewswire/ -- The following was released today by The National Association of Royalty Owners:
Don't sell out too cheap. Oil will be $30 a barrel and gas will be $3.50 in five years a leading energy analyst told more than 600 royalty owners attending the National Association of Royalty Owners convention here at the Marriott Hotel.
Wayne E. Swearingen, a Tulsa-based international oil consultant, predicted that the 21st century's supply disruptions and soaring prices will dwarf the OPEC crunches of 1978 and 1979.
''Global economic progress depends on the exploitation of oil. Energy from all hydrocarbon sources account for 80 percent of what makes our world go and oil accounts for 38 percent of all energy used, he told NARO delegates, which represent the 4.5 million private owners of oil and gas royalties.
''Most alternative energy sources require more energy to get them running than they produce,'' Sweringen charged.
He stressed to convention delegates of 32 states that on this 25th anniversary of the Arab Oil Embargo, the U.S. will very likely see sharp increases begin in the costs of imported oil within a few years.
''This will have dire economic and national security implications. Cheap imported oil is like cheap dope until the victim is hooked,'' Sweringen pointed out.
He added that the premature plugging of one oil well every thirty minutes in the U.S., coupled with the general public's lack of attention to the energy situation is accelerating our dependence on foreign oil.
Earlier, convention delegates adopted a resolution warning the American public of the high cost of cheap gasoline, noting that it means long lines at the pumps, American lives at risk protecting foreign oil and foreign terrorists setting the price of gasoline in America.
''The lessons of the Persian Gulf War and the Arab 0il Embargo have escaped the public, despite their bitter lessons,'' said James L. Stafford, president of the Ada, Okla-based energy association.
SOURCE: National Association of Royalty Owner |
