Oil to go above a $100 over the next few years
JEDDAH � Oil and gas prices will continue to surge in days to come and oil would go above a $100 over the next few years, according to Burkhard P. Varnholt, MD, global investments, Credit Suisse, Switzerland.
To a Khaleej Times question that in view of the forecast energy prices scenario, what would the action or reaction of the United States be as President George Bush emphasised in his State of the Union address recently to reduce America�s dependence on oil, Varnholt said there would be a massive investment in alternative renewable sources of energy.
He explained that there was no way around developing renewable sources of energy � hydro, nuclear, solar, and coal. It would all be developed, and there would be �frantic investment.�
�Oil and gas prices, and essentially my case is, which I have made numerous times in Saudi Arabia and the Gulf, we are in a long-term cycle that would take oil prices to in excess of $100 over the next few years,� he said.
( For the complete story, Click here )
To a Khaleej Times question that in view of the forecast energy prices scenario, what would the action or reaction of the United States be as President George Bush emphasised in his State of the Union address recently to reduce America�s dependence on oil, Varnholt said there would be a massive investment in alternative renewable sources of energy.
He explained that there was no way around developing renewable sources of energy � hydro, nuclear, solar, and coal. It would all be developed, and there would be �frantic investment.�
�Oil and gas prices, and essentially my case is, which I have made numerous times in Saudi Arabia and the Gulf, we are in a long-term cycle that would take oil prices to in excess of $100 over the next few years,� he said.
( For the complete story, Click here )
posted by Oil Shock at 12:24 PM
0 Comments:
Post a Comment
<< Home