"OPEC President Chakib Khelil was quoted as telling a French television station that oil could rise to $150 to $170 per barrel this summer, before pulling back later in the year."
"Meanwhile, Sadad al-Husseini and Nansen Saleri, two former top executives at Saudi Aramco, are taking opposite sides of the industrywide debate over how much oil there is in the world, The Wall Street Journal reported.
Husseini says the world is in supply crisis, which is causing oil prices to skyrocket; Saleri believes more oil can be found with resourcefulness and money.
"The fact is, we have to work harder and harder to get the oil we need," Husseini told the newspaper. Those who believe there is enough supply "claim to have some magic potion, like voodoo, that doesn't exist."
On the other end of the spectrum, Saleri says no magic is needed. "We have consumed only 1 trillion of the 14 or 15 trillion barrels of oil that are out there," Saleri said to the newspaper. "For the next 40, 50 or 60 years, I see no problem at all." "
If we consumers survive that long!
Meanwhile, the head of Libya’s national oil company said the country may cut crude production because the oil market is well supplied, according to news reports.
What's he smoking..I want some!
Analysts have also attributed oil’s rapid climb to speculative buying, with traders jumping into the market purely on the expectation that futures will continue to rise.
I speculate I'm gonna kick someone's ass!!! Oh lets not forget the tropical depression forming in the Pacific! Oil prices to hit $200 a barrel in 5...4...3..2...