Oil prices might go up and down, and as for the price of petrol, in most of Europe it’s a matter of taxes. When I was a kid, in the 70’s, I was told there was some sort of Oil Cricis, and then with everything happening in the Middle East and today it’s Syria – and still Iran – and the Arctic…Well, those are all problems, but check out this article on the real situation concerning oil.
“As the energy expert Leonardo Maugeri contends in a recent report published by the Belfer Center at the John F. Kennedy School of Government at Harvard, ‘contrary to what most people believe, oil supply capacity is growing worldwide at such an unprecedented level that it might outpace consumption.’
Mr. Maugeri, a research fellow at the Belfer Center and a former oil industry executive, bases that assertion on a field-by-field analysis of most of the major oil exploration and development projects in the world. He concludes that ‘by 2020, the world’s oil production capacity could be more than 110 million barrels per day, an increase of almost 20 percent.’”
As a colleague likes to point out; Resources Don’t Exist. They are created by humans. Some hundred years ago, petrol was unheard of. Some thousand years ago [fill in what you like] was unheard of. In a hundred years from now, or maybe even ten years, brilliant humans might have found even more ways to turn strange materia into energy. Looking forward to that, but until then, keep that oil flowing, you courageous engineers.