The Return of High Oil - by Steve LeVine
Demand in China, India and elsewhere in the developing world is probably going to roar back and outstrip supply in 2011 or beyond. That alone will push prices back up. But oil companies also are now responding to $50 oil by shelving oilfield development projects. So, as Jesse told me, “In 2010 or 2011, we will be in the same situation as [the high prices of] last year. Then we will start all over again [in an energy crisis], but it will be much more difficult.”
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