The future of oil prices? Please Answer!?

Question

What are some of the reason oil prices will be higher in the future?
What is your see on this issue?
Any ways to stop this?
Any other questions or connserens?

Answer 1

Oil prices in the future will increase, because:
1) Inflation.
2) It is a limited resource; no new oil is being MADE.
3) We (humans) are consuming it faster than we are replacing it through new discoveries.
4) Global consumption is increasing due to greater (total) energy demands.

Answer 2

Increased demand (increased demand in China in particular) combined with much of the world's oil reserves being in the volatile middle east have driven the price up.

Oil is like anything, two things will reduce the price of it. One, a reduction in demand. Two, an increase in supply. A large increase in supply seems unlikely. The globe has been scoured intensively for the last 30 years for new oil, meaning the likelihood is low that there is some big gigantic new source yet unfound. So the main event that has to happen to reduce price is a reduction in demand.

If the world economy slowed down, that would reduce demand. If technological advances can allow us to use less oil, and use alternative energy sources in the place of oil, that would reduce demand. That is what we in the USA, Canada, Japan, England and Europe need to be working on.

Already, we have technology we do not utilize. There are cars that deliver 40 MPG on the highway, and around 30 MPG in the city. Problem is, very few people in Canada and the USA choose to drive them. Also, solar energy needs to become widely used. If every home put a couple of panels on the roof, and got say 25% of their energy from the panels for heating/cooling/lighting etc, that would change everything.

Answer 3

As with any commodity, when demand is greater than supply prices increase. Oil prices will continue to increase in the foreseeable future because of the demand from developing countries and the lack of state of the art extraction processes which results in supply problems. Eventually oil will reach a price which will make it economically feasible to produce other forms of energy. When there is competition there is a better product at lower costs.

Answer 4

OIL PRICES are going to be so high in the future , just because some people say that we are going to run out of oil. right now gas prices are because the us needs to support it's troops, did you know that the u,s.a. takes about a 10,000 barrels of oil from iraq for free!!( exept for the cost of the war) , but still, the USA is getting a lot of oil from other countries and sells then for high and buys for cheap!!( from middle eastern countries and other)
scientist say that we are runing out of oil but i don't think so, BUT we might have less oil b/c it forms slowly, also prices are higher because of oil also bieng transported., ANY WAY, prices are going to keep rising and rising since that cars are going to run on hydrogen and soil bean, in california there is already 20 gas station with soil bean . there is no way that this can stop, unless the gov lowers prices( which is not going to happen)!!!
and so that is what s really happenning out there that people dont know, they said that the hurricanes, - that is also a reason but not mostly. AND then they are going to make cars run on water a we will have a drought then evrybody will die of thurst ( after a couple hundreds of years!!) there will also be more wars in the future over oil, just like the movie SYRIANA.

Answer 5

Oil prices will increase 25 to 50 percent over the next couple of years. Hydrogen & other alternate sources will then start to take hold and that will finally stabalize prices. Then as demand drops further oil prices will drop even further.

Eventually the middle east will have no market for oil and the third world war will start because they will not be able to feed themselves and will lash out in desperation..

Answer 6

I agree with lynda_is. Oil is cyclical. The price has been weak lately and supplies have been rising. With the high prices alternatives have been gaining ground. And consumers cant afford the high prices forever. Demand growth in other parts of the world will level off or slow. I think we are near the end of this cycle.

Answer 7

Oil prices will keep going up because no new oil fields have been found in the last 10 years. China and India are huge new consumers and they will drive demand up for oil.

Answer 8

Oil prices are only going up! Because it has to be imported but alaskan pipeline oil ain't selling any less! Probably no way to stop it. If someone discovers a way to get energy from water the first few yrs it will be cheap then we'll have a drought and prices will go up!

http://www.total-knowledge.com/~willyblues/

Answer 9

Unrest in the middle east and greed with oil companies will keep prices soaring.

I guess I am going to switch to a hybrid.

I think as the supply of oil dwindles, the price will keep going up. We need to make oil less needed, by getting alternate fuel sources.

Answer 10

here's what I heard the other day on the news, there are 20,000 first time car owners per day in China. The law of supply and demand, more people wanting gasoline the higher the price. If and when people want something else for energy is the only thing that will effect that equation. you can effect one side or the other, supply or demand.