Arizona Discount Travel Blog

$7.00 at the pump – coming to a location close to you

ADMIN’S NOTE … Interesting, as I had forecasted several months ago that the year 2009 is gonna be very rough on Americans …

Seems that other’s around the world agree, and paint a very dim future world-wide …

Gazprom, Russia’s gas monopoly, on Tuesday predicted oil prices would reach $250 a barrel in 2009.

The striking prediction came as the International Energy Agency, the developed world’s energy watchdog, warned that record high prices were needed to choke off demand in order to balance the oil market.

It is the IEA’s most candid admission to date that oil supply is struggling to catch up with Asian demand, and follows the sharp rise in prices last week, which saw crude jump more than $16.24 in less than 36 hours to a record $139.12.

Asia and other foreign countries are driving up the demand, sucking the wells dry

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June 11, 2008 Posted by | In the news, Oil and Gas News | Leave a comment