The End of Cheap Oil?

Crude oil prices rose above $74 per barrel this week and Goldman Sachs warned that the world could be facing $95 per barrel oil by this fall. Later this week the National Petroleum Council (NPC), which advises the Secretary of the Department of Energy, will release a new report which will find that conventional oil and gas supplies are not likely to keep up with growing global demand over the next 25 years. Of course, supply and demand must balance, so what the Journal is telling us is that the NPC thinks high oil prices are here to stay.

Via Reason Magazine.