key2thecup Posted May 14, 2012 Share Posted May 14, 2012 Oil prices to double by 2022, IMF paper warns Oil prices could double over the next decade with sweeping implications for the global economy, according to a report commissioned by the International Monetary Fund. As oil prices remain at historically high levels of around $110 (£68) a barrel, the working paper warned a combination of rising demand and constrained supply could have major consequences. "Our prediction of small further increases in world oil production comes at the expense of a near doubling, permanently, of real oil prices over the coming decade," the report's authors concluded. "This is uncharted territory for the world economy, which has never experienced such prices for more than a few months." They said that research suggested energy accounted for up to 50pc of overall gross domestic product, meaning "the implications of lower oil output growth for GDP could be very large." Persistently high oil prices are already threatening the global economic recovery according to a director of the International Energy Agency. Maria van der Hoeven said that although prices had eased somewhat in recent weeks, the threat of heightened political tension over Iran, limited spare production capacity, and unplanned supply outages remained. "Prices remain very high," she told a conference in Australia. "High prices pose a real threat to the economic recovery." Brent crude oil spiked to above $120 a barrel in the early part of 2012 but was trading yesterday at about $110 a barrel. That was the lowest since January, but still very high by historical standards. http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9265272/Oil-prices-to-double-by-2022-IMF-paper-warns.html Link to comment Share on other sites More sharing options...
Shift-4 Posted May 14, 2012 Share Posted May 14, 2012 Yeah, so.........they have more than quadrupled in the last 10 years. Link to comment Share on other sites More sharing options...
D-Money Posted May 14, 2012 Share Posted May 14, 2012 Dam those International MotherF****rs Link to comment Share on other sites More sharing options...
ronthecivil Posted May 14, 2012 Share Posted May 14, 2012 Meanwhile, ecozealots across the country try to shut down our oil industry (which happens to be one of the few good ones we have at the moment). Which is ironic, given that high prices will make things like solar power viable economically based on market conditions, with no need to put in subsidies or any sort of government program, at all. Link to comment Share on other sites More sharing options...
naslund.is.king Posted May 14, 2012 Share Posted May 14, 2012 Hahaha we will see I recall worrying about running out of gas in the Seventies Link to comment Share on other sites More sharing options...
:D Posted May 14, 2012 Share Posted May 14, 2012 Can somebody just invent gravity inversion and matter/antimatter propulsion already? Jesus Christ, get your act together scientists! Link to comment Share on other sites More sharing options...
naslund.is.king Posted May 14, 2012 Share Posted May 14, 2012 Can somebody just invent gravity inversion and matter/antimatter propulsion already? Jesus Christ, get your act together scientists! Link to comment Share on other sites More sharing options...
CaNuCkSLoUiE23 Posted May 14, 2012 Share Posted May 14, 2012 But I thought the world was supposed to end this year..... Link to comment Share on other sites More sharing options...
:D Posted May 14, 2012 Share Posted May 14, 2012 Hahaha we will see I recall worrying about running out of gas in the Seventies Link to comment Share on other sites More sharing options...
BurnabyJoe Posted May 15, 2012 Share Posted May 15, 2012 Wow driving blows. I don't know why anyone buys a truck for pleasure anymore. Link to comment Share on other sites More sharing options...
naslund.is.king Posted May 15, 2012 Share Posted May 15, 2012 At this point, I think running out of fossil fuels will do more good than harm. Link to comment Share on other sites More sharing options...
nwo Posted May 15, 2012 Share Posted May 15, 2012 I miss the 39.9 gas war days like back in '97, hope it happens again Link to comment Share on other sites More sharing options...
Heretic Posted May 15, 2012 Share Posted May 15, 2012 Wow driving blows. I don't know why anyone buys a truck for pleasure anymore. Link to comment Share on other sites More sharing options...
butters Posted May 15, 2012 Share Posted May 15, 2012 Try to solve it ont he supply side all you want - you can't. There are more middle class Chinese than all americans, and they want gas too. And that's just China. No tar sands or other new oil discoveries will change this. Link to comment Share on other sites More sharing options...
naslund.is.king Posted May 15, 2012 Share Posted May 15, 2012 Here's mine with my pleasure - this is the pleasure you're talking about - right? Link to comment Share on other sites More sharing options...
Buddhas Hand Posted May 15, 2012 Share Posted May 15, 2012 Can somebody just invent gravity inversion and matter/antimatter propulsion already? Jesus Christ, get your act together scientists! Link to comment Share on other sites More sharing options...
Mr. Ambien Posted May 15, 2012 Share Posted May 15, 2012 The prices for supposed demand for oil certainly isn't coming from the west. In fact in the big ol' USA demand for crude was very low. The issue exacerbating high cost is fiat currency, the fact that the US dollar is losing value rapidly, the loonie is as well but not at such a frenetic pace. Link to comment Share on other sites More sharing options...
naslund.is.king Posted May 15, 2012 Share Posted May 15, 2012 The big problem is china and those countries before you would go there and see bikes carts now you go there and automobiles everywhere Link to comment Share on other sites More sharing options...
Standing_Tall#37 Posted May 15, 2012 Share Posted May 15, 2012 Lmao, even if so gas will only be 3-4 bucks a litre Link to comment Share on other sites More sharing options...
Armada Posted May 15, 2012 Share Posted May 15, 2012 F*** it. I'll still pay for it. I love driving and I love my car. But on a side note, the only reason I support electric cars is so the demand is lowered meaning the gas prices get lowered. I just think its ridiculous for having the price so high, greedy arses. Oil won't run out anytime soon in our lifetime or in the future after that. Link to comment Share on other sites More sharing options...
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