Thursday, March 03, 2005

Oil prices could hit 80 dollars in next two years: OPEC- Yahoo! News

Yahoo! News - Oil prices could hit 80 dollars in next two years: OPEC

KUWAIT CITY (AFP) - Prices of crude oil could surge to as high as 80 dollars a barrel within the next two years but such a level would not last long, OPEC (news - web sites)'s acting secretary general was quoted as saying.


"I can affirm that the price of a barrel of crude oil rising to 80 dollars in the near future is a weak possibility," Adnan Shehab-Eldin told Kuwait's Al-Qabas newspaper.


"But I cannot rule out (the possibility) of oil prices rising to 80 dollars a barrel within the next two years," he said on Thursday.


"If the oil price rises to this level for one reason or another -- for example, interruption of supplies from a producing nation by one to two million barrels a day -- it is not expected to continue for long," he said."

I view this as definitely related to the value of the falling dollar and potenitally a harbinger of Peak Oil. Either way the American people are going to get squeezed... hard...