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OPEC Secretary-General Abdullah al-Badri said on Friday he was not worried about reports of faster-than-expected depletion in the world's biggest oil fields and repeated his position that runaway oil prices were caused by speculation and not by supply problems. endquote.
I agree that oil speculation and the low dollar in combination are the main causes of high oil prices worldwide. However, if you do your homework and see that only the big Saudi fields have not peaked yet or are peaking now you will realize like I do that oil only has until about 2020 to 2050 as a viable fuel. However, as demand increases because of emerging nations like China and India the law of supply and demand will become ever more a problem in the next 5 to 10 years. $10 a gallon and even $15 a gallon is inevitable the question is when. $6 dollars a gallon by August is expected by many financial pundits to be here by August or September 2008. I, myself saw $4.78 per gallon for premium in Santa Barbara, California a few days ago and more and more places in California premium is now over $5 a gallon. So even if the rest of the country didn't see $6 a gallon by August it is pretty inevitable to reach $6 a gallon somewhere in California within this month or possible next.
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