There are many uncertainties that could push oil prices higher or lower. The unrest in the Middle East I believe is the main concern in this early part of 2011. I am not talking about Egypt,but the spreading of unrest to other countries in the area.Routes for oil could be interrupted or the flow of oil stopped.
The Energy Administration says the WTI crude oil average to be $93 a barrel in 2011 and $98 average per barrel in 2012
The price for regular-grade motor gasoline $3.15 in 2011(average),$3.30 in 2012 and 5 cents higher during peak driving seasons each year(April-September). Gas prices could go as high as $3.50/gal. in 2011 and exceed $4.00/gal. in 2012.
We all need to stop kidding ourselves if the price of fossil fuels goes down it will not be for very long. It is getting costlier all the time to find more oil. Yes we still have oil on our great planet,but the finding of oil is getting harder to get at. How much do we have left and how long will it last? I have seen some articles on this ,but I can,t make a prediction. I do know we need to conserve where we can and use renewable energy where we can.
I wanted to do a post about long-term predictions for gas and oil,but with the current unrest in the Middle East,I don’t think it can be done.
Most of the information from this post came from The Energy Administration. Check them out for a full report on all fossil fuels
