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Energy Execs See Big Increases to Come in Oil Prices

Two-thirds see petroleum topping $120 a barrel.

by on May.20, 2011


Expect to be paying more for what's pumped out of the ground, oil industry execs warn.

Weary Americans will likely see prices at the pump continuing to soar, according to a survey of 550 energy industry executives, though not necessarily to the record levels of mid-2008.

Nonetheless, with 64% anticipating crude oil will reach $121 a barrel this year – about 20% more than it’s been trading at lately – that will almost certainly mean more pain at the pump, where U.S. motorists are now paying an average of around $4 per gallon for self-serve regular.

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As might be expected at a time when the Mideast is in turmoil, Western economies are showing new signs of instability, and emerging markets are demanding a bigger share of the barrel, oil prices are more unstable than they have been in years – a fact reflected in the results of the survey by the KPMG Global Energy Institute.

While a third of the executives predicted oil prices will peak between $121 and $130 a barrel, another third see even higher prices coming.  A full 17% foresaw a high of as much as $140, while 9% thought oil would reach a peak of $150.  On the fringe, 6% thought crude would go even higher.


Obama Wants to Slash Oil Imports, Shift Govt. Fleet to Green Vehicles

Outlines energy policy calling for shift to cleaner fuels.

by on Mar.30, 2011

President Obama discussing energy policy.

President Barack Obama, warning there are “no quick fixes,” outlined a broad energy policy that he hopes will win broad bipartisan support at a time when oil prices have hit their highest levels in three years.

A key goal will be to better access untapped sources of domestic sources of oil and gas even as the nation moves forward on a goal of trimming petroleum imports by a third by 2025, the president declared during a speech today at Washington’s Georgetown University.

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Among other key goals, the government will move to buy only hybrids, plug-ins and other advanced technology vehicles for its vast fleet of 600,000 vehicles by 2015.

“Presidents and politicians of every stripe have promised energy independence but that promise has so far gone unmet,” the president noted.  “That has to change. We cannot keep going from shock to trance on the issue of energy security, rushing to propose action when gas prices rise, then hitting the snooze button when they fall again,” he said.