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$500 a barrel for oil??

A respected investment banker with close ties to the oil field, has predicted that over-stated reserves and increasing demand will drive the price of oil over the coming years to $500 per barrel.

In a September 22nd, 2008 article on CNNMoney.com, Matt Simmons predicts that increased demand for oil from China and India, as well as continued US and European Union usage, will soon outstrip supply.On top of that, Simmons contends that “proven oil reserves”, which is the measure of how much oil is still left to be exploited, are vastly over-rated.If true, this will clearly have a major effect on prices. (more…)

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