Originally posted by Zoom Zoom Diva: Yet there is adequate supply to meet demand, so there is no reason for the price to go up. It is not needed to encourage additional production.
Steve Forbes believes the price is horribly over-inflated, and foresees the bubble to burst... to half price in the next 12 months.
I hope I'm wrong, but Forbes is off his rocker if he think crude will drop that low.
There isn't adequate supply either. China is a nation of 1.3bn people that are starting to come out of the dark ages. The middle class is growing and even if a quarter of that 1.3bn decide to drive, that's double the US's thirst for oil.
There is no way we have enough supply to last us the next hundred years at double the consumption rate of oil, no way. There just isn't enough oil down there to do so.
