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Report: Oil Will Cost $51/barrel by 2025

AP, AP

WASHINGTON – Crude oil prices will increase gradually and reach $51 a barrel by 2025 due to inflation and rising energy needs in developing nations, according to an Energy Department projection.

High Gas Prices Not Stopping Motorists

When the price of gasoline surges, two things are practically guaranteed: motorists will bemoan the rising cost and, more tellingly, they’ll drive as much as ever.

“I hate it. I hate expensive gas,” Don Macklin, 71, of Kingston, Ontario, said as he pulled his Chrysler minivan into the Travelodge motel just off I-95 near Fredericksburg, Va., 400 miles away from a vacation with his wife in Myrtle Beach, S.C. “But what are you going to do? I just factor it in.”

Lots of Hot Air About Hydrogen

Hydrogen, the most overhyped alternative fuel since methyl tertiary-butyl ether, is not a primary fuel, like oil, that we can drill for. It is bound up tightly in molecules of water, or hydrocarbons like natural gas. A great deal of energy must be used to unbind it.

Oil Shortage?

Saudi officials like to fly visitors across the Empty Quarter, the forbidding desert that occupies the eastern portion of the kingdom, to visit the Shaybah oil field. Nestled amid stunning sand dunes like a ship in a vast ochre ocean, Shaybah is a source of national pride for the Saudis — akin to the Hoover Dam or the Apollo space missions for Americans. To outsiders, the message is: When it comes to oil, you can count on us. “We are the most reliable producer and supplier of crude in the whole world,” says Mahmoud M.

The Mother Of All Oil Shocks Is Looming

In a few years, the global production of conventional oil will fall, while the global demand continues to rise. The resulting shock of this structural oil famine is inevitable, so great are the dependency of our economies on cheap oil and. related to the first, our inability to wean ourselves from this dependency in a short period of time.

Cheap oil is history

For the tens of millions of American motorists patiently waiting for gas prices to come back to Earth, the news from the oil markets is not encouraging.
For the last year, government forecasters have reassured us that the unusually high oil prices we’ve seen since 2002 — around $30 a barrel — were temporary: As soon as global markets recovered from the mess in Iraq, oil prices would drop and gasoline prices would eventually follow.