So… oil prices (per barrel) are heading for $45.00, ouch.
Except that even $45.00 is unabashedly unrealistic.
Matthew Simmons, an energy investment banker (and an advisor to Bush-Cheney) says:
“Oil is far too cheap at the moment. … The figure I’d use is around $182 a barrel. We need to price oil realistically to control its demand. That is because global production is peaking.”
In other words, oil prices should be four times what they currently are.
What fun.
(BBC: “Is the world’s oil running out fast?” by Adam Porter [June 7, 2004]; via TSTW)