The Paris-based organization's annual World Energy Outlook, released on Wednesday, predicts that oil prices will start a steep climb soon, and by 2030 will settle around $120 a barrel — more than double this week's price — as producers face rocketing costs of equipment such as drills and rigs, and are forced into the increasingly expensive business of extracting oil from less accessible fields, many of them far out at sea.Daily Sprawl concurs. Sure, oil prices are down these days but at what cost? Easy answer: a massive demand destruction via a deep recession that very few anticipated would be even this bad.
So, enjoy the $1.99 per gallon gas. Take a picture of the pump. And then pine for it again later in 2009 as it will be but a fleeting memory.
