Goldman Sachs analysts are disputing the idea that oil prices are peaking in 2005, and are estimating that we have at least four more years of rising prices to look forward to as demand continues to increase and supply growth appears insufficient. The assessment casts doubt on OPEC's ability to increase its supply, but stops short of saying that we're approaching a period of declining output (AKA Peak Oil). The estimated price for next year is $68/barrel, and spikes to the $105 range are thought to be possible. This, of course, is exactly the sort of instability predicted by Peak Oil "advocates". It should be an interesting few years ahead of us, no?
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