Will Oil Supplies Dry Up?

October 6, 2005  •  From theTrumpet.com
Global oil demand is white-hot and getting hotter. Worrisome signs loom that supplies are peaking. What will happen when the long-feared oil crunch becomes reality?

Over the past seven years, the price of oil has skyrocketed.

For the first time ever, on August 29, crude oil prices on the New York Mercantile Exchange topped $70 per barrel. Only eight years ago, crude oil traded for just $10.50 per barrel. Goldman Sachs is predicting possible oil spikes to $80 over the short term and $105 over the long term.

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