EIA sees OPEC pumping at rate to keep oil at $50-$60 until 2030

[bananas]

http://www.platts.com/Oil/Resources/News%20Features/opec/index.xml

EIA sees OPEC pumping at rate to keep oil at $50-$60 until 2030

Long-term projections published this week by the US Energy Information Administration assume OPEC will increase oil production at a rate that keeps average crude prices between $50 and $60 per barrel -- in 2005 dollars -- through 2030.

The EIA, statistics arm of the US Department of Energy, does not rule out the possibility that prices could move outside this range for short periods over the next 25 years.

But, it said in its Annual Energy Outlook 2007, "OPEC is expected to recognize that allowing oil prices to remain above that level for an extended period could lower the long-run profits of OPEC producers by encouraging more investment in non-OPEC conventional and unconventional supplies and discouraging consumption of liquids worldwide."

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[kurth]

1. Go solar and nuclear

Fuck OPEC.

[Mojorabbit]

2. What are they smoking?

Are they going to manafacture this increase out of thin air?

[depakid]

3. Oh, I think they know full well what's up

and simply choose to lie (are are being coerced into it- as is the case with all of the other federal agencies).

[Porcupine]

4. At some point soon the shit hits the fan.....

on both climate change and peak oil. Some event will precipitate the publics understanding of the scope of the problem; probably something like New Orleans but with a lot more dead people.

After that the world holds a race to convert industry to solar/wind/nuclear and nobody is going to be interested in keeping a bunch of Oil billionaires from getting killed the various poor people from their countries.

For the people controlling the oil economy their life span may be measeured in the number of days until that understanding hits home with the people. The people of New Orleans and New York city already have a good clue as to what's coming for the rest of us.

It's whistling past the graveyard.

[lakeguy]

5. haha, funny stuff! thanks for the laugh. there is no

way in hell that's gonna happen. even IF the dollar has leveled off from its free fall, cheap oil is running out. i guess $90 by the end of the year.

[phantom power]

6. Keep clapping, fellas.