The International Energy Bureau warns of lack of investment in oil production
Posted by: in Products and ServicesFiled under: International markets, Forecasts, Products and services, Consumer experience, Economic data, Oil
In a new report today, the International Energy Bureau warned that an insufficient amount of investment into oil supply is going to result in a serious supply shortage that could make the recent record high oil prices look weak in comparison.
Oil prices spiked to a record high $147 a barrel earlier this summer, but have since been in a pretty steady downward spiral, and were down again this day, as the credit crunch and recession fears have created fear among oil investors that oil demand is going to erode over the months to come.
Prices were off sharply again today, and in afternoon trading oil was down another $3.17 a barrel to $56.16, off 5.3% on the day, as the U.S. government lowered its forecast for oil next year to $63.50, down from its previous estimate of $112 that it maintained back in October.
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The International Energy Bureau warns of lack of investment in oil production originally appeared on BloggingStocks on Wed, 12 Nov 2008 17:05:00 EST. Please see our terms for use of feeds.
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